Riyadh – Mubasher: The interim financial statements of Walaa Cooperative Insurance Company showed a turn to net losses of SAR 11.7 million in the first quarter (Q1) of 2020, against a net profit before zakat worth SAR 15.3 million in the same period in 2019.
Net written premiums (NWP) stood at SAR 240.88 million over the January-March period, 14.5% higher than SAR 210.2 million in Q1-19, according to a stock exchange statement on Monday.
The turn to loss is ascribed to a rise in net claims and other benefits incurred by SAR 52.07 million at 43.2%. Other underwriting expenses surged by SAR 2.7 million or 73.3%.
In addition, the insurer’s general and administrative expenses increased by SAR 5.5 million or 18.3%.
