RIYADH: Saudi Arabia’s Al-Rajhi Company for Cooperative Insurance, also known as Al Rajhi Takaful, reported a 40.5 percent decline in profit during the first quarter of 2022, compared with the same period last year. Profit at the insurer dropped to SR40.75 million ($10.86 million) from SR68.50 million in the same period last year, according to a bourse filing. The decrease in net profit was attributed to an increase in net claims of SR45 million and policy acquisition costs of SR31 million.