Saudi Re for Cooperative Reinsurance announced earnings results for the third quarter and nine months ended September 2014. The company reported net profit before zakat of SAR 1.21 million (USD 320,000/EUR 250,000) in the third quarter of 2014 from a net loss of SAR 22.96 million in the same period of the prior year. The positive development was possible because of a 76% annual increase in net premiums earned. Net profit of policy holders investment fell 12.8% year-on-year to SAR 454,763. Net profit of shareholders capital investment dropped 24.46% to SAR 15.31 million. Net written premiums (NWP) totaled SAR 124.42 million, up from SAR 91.47 million. Gross written premiums (GWP) went up 25.3% to SAR 131.96 million.

In the period from January to end-September 2014, net profit before zakat stood at SAR 17.5 million, versus a net loss of SAR 9.4 million for the year-earlier period. Earnings per share (EPS) came in at SAR 0.17, compared to a loss per share of SAR 0.09. Net profit of policy holders investment soared more than six times to SAR 2.1 million from SAR 284,513. Net profit of shareholders capital investment grew 36.4% to SAR 51.7 million. GWP soared 40.44% to SAR 522.32 million. NWP amounted to SAR 493.33 million, up from SAR 342.9 million.