AXA cashes in on Saudi insurance boom
The Tadawul All Share Index closed 0.437 per cent higher at 9,057.08 points on Monday, February 24. AXA Cooperative Insurance Company finished up 0.54 per cent at AED37.30. Earlier in the day, AXA said in 2013 it netted an income before zakat (Islamic donation expenses) of SAR14.747 million ($3.98m) in 2013, up 43.15 per cent year on year. “The increase in net profit before zakat can be attributed to the increase in premium in motor and medical lines of business and improvement in investment income,” said AXA Coop in a filing to the market.