SAICO Profit Falls 31% in Nine-Month Results
Riyadh, Saudi Arabia — Saudi Arabian Cooperative Insurance Co. (SAICO) reported net profit attributable to shareholders of 24.5 million SAR for the nine months ending September 30, 2026 — a sharp 30.6% decline from 35.3 million SAR in the same period last year. Revenue growth could not offset a steep drop in underwriting profitability, squeezing […] The post SAICO Profit Falls 31% in Nine-Month…
Saudi Arabian Cooperative Insurance Co. (SAICO) saw its net profit tumble by 31% to 24.5 million SAR over the nine months ending September 30, 2026, compared to 35.3 million SAR in the same period a year earlier. While revenue grew 39% to 1.18 billion SAR, the surge in insurance revenues couldn't offset a 59% drop in the net insurance service result, falling to 12.3 million SAR from 29.6 million SAR.
Underwriting profitability took a hit, compressing margins and squeezing the bottom line. Investment income grew by 15% to 24.6 million SAR, and earnings per share fell to 0.82 SAR from 1.18 SAR. The third quarter showed a more positive outlook with a 12.1% increase in net profit to 8.5 million SAR from 7.6 million SAR a year earlier.
However, the nine-month trend remains a concern for investors, highlighting the need for scrutiny on the company's cost structure, claims management, and the sustainability of its motor-driven growth model.
Written by urgent.news from The Saudi Standard's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
