Riyadh – Mubasher: Alinma Tokio Marine Company on Monday announced a 58% year-on-year (YoY) increase in net losses before zakat during the first quarter (Q1) of 2020.
Losses widened to SAR 11.28 million over the January-March period, compared to SAR 7.14 million in the same period in the previous year, according to a filing to the Saudi Stock Exchange (Tadawul).
Net written premiums (NWP) shrank by 41.9% YoY to stand at SAR 46.8 million from SAR 80.6 million in Q1-19.
The growth in net loss is due to lower total revenues by 4% and higher net claims and other benefits incurred by 0.9%. Moreover, the insurer saw higher provision for doubtful receivable by 22.1% as well as a loss from investments of SAR 3.4 million.
The rise in losses was offset by lower administrative and general expenses by 10%.
