Riyadh – Mubasher: Saudi Re for Cooperative Reinsurance Co. on Monday said it turned to losses in the third quarter of 2017, against achieving profits in the year-ago period.
The firm’s losses amounted to SAR 271,290 in Q3-17, against SAR 2.71 million in Q3-16, according to a bourse statement.
The Tadawul-listed company attributed turning to losses year-on-year to the growth in incurred net claims by 49%.
Incurred net claims levelled up 48.7% to reach SAR 114.15 million in Q3-17, compared to SAR 76.75 million in the same period in the year before.
At the level of the first nine months of 2017 the reinsurance firm turned to profits after achieving SAR 20.67 million, against SAR 23.92 million in the corresponding period in 2016.
By 10:17 am KSA time, Saudi Re’s stock declined 1.06% to SAR 6.56.
