Allianz Saudi Fransi Cooperative Insurance Company shifted to net profits before Zakat amounting to SAR 13.50 million in the first quarter (Q1) of 2023.

The positive results were compared with net losses valued at SAR 1.45 million in Q1-22, according to the initial financial results.

Allianz Saudi Fransi reported an annual surge of 25.78% in gross written premiums (GWP) to SAR 263.97 million as of 31 March 2023, versus SAR 209.86 million.

The insurance revenues hit SAR 184.80 million in Q1-23, up 1% from SAR 182.47 million during the January-March 2022 period.

Earnings per share (EPS) stood at SAR 0.16 during Q1-23, against a loss per share valued at SAR 0.06 in Q1-22.

Last year, the Taddawul-listed firm witnessed 70.06% higher net profits before Zakat at SAR 28.03 million, compared to SAR 16.48 million in 2021.