Saudi's Al Rajhi Takaful names new CEO

Al Rajhi Takaful has named Mahmoud Salem Dahduli as its new CEO, according to a company announcement on Saudi Exchange on Monday (June 21).

Dahduli took over as Acting CEO in January when Abdulaziz Mohammed Al Sedeas left the company.

He was previously Al Rajhi Takaful's chief strategy officer.

The Islamic insurer posted an increase of 88.59% in net profit before zakat for the first quarter of this year compared to the same three months in 2020, based on a marked improvement in net incrurred claims, reduction in net earned premiums, and lower provisions for administration and doubtful debt provisions. 

Al Rajhi Takaful had a good 2020, reporting a 6.35% rise in revenue (gross written premiums) to 2.73 billion riyals ($0.73 billion) and a 131.3% rise in net profit before zakat to 251.846 million riyals ($67.16 million).

It trails BUPA Arabia and Tawuniya as 2020's biggest insurers by turnover in Saudi Arabia. 

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