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RIYADH: Allianz Saudi Fransi Cooperative Insurance Co. swung from losses into a profit in 2021, after a fall in net claims.
The Saudi-based firm turned a loss of SR17.6 million ($4.7 million) in 2020 into a profit, before Zakat, of SR16.5 million in its annual financial results, according to a bourse filing.
The result was mainly due to a decline of 19.8 percent in net claims and other benefits, along with a 14.3 percent decline in general and administrative expenses.
Allianz Saudi Fransi Cooperative Insurance Co. has been in business since 2007.