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Saudi's largest insurer sees earnings plummet

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Sunday, 13 January 2008

National Company for Cooperative Insurance (NCCI), Saudi Arabia's largest insurer by market value, made a fourth-quarter profit of 35.7 million riyals ($9.5 million), down 65%.

NCCI profit in all of last year rose 12.2% to 525 million riyals, the company said in a statement on the Saudi bourse website. It did not give fourth quarter data which Reuters calculated from previous financial statements.

NCCI made a profit of 101.4 million riyals in the fourth quarter of 2006.

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NCCI faced rising competition last year from more than a dozen new insurance companies, which the kingdom licensed. (Reuters)

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