Riyadh - Mubasher: Allied Cooperative Insurance Group’s (ACIG) third-quarter net losses before Zakat skyrocketed by 163.22% year-on-year (YoY) to SAR 1.45 million.
This is compared to losses of SAR 552,000 in the year-ago period, according to a bourse disclosure on Sunday.
The surge in quarterly losses was driven by a decrease in gross written premiums (GWP) and net written premiums (NWP) by 16% and 15%, respectively.
Meanwhile, profit from policyholders investments went down by 55% while gains from shareholders investments tumbled by 36%, whereas policy acquisition costs increased by 7%.
During the first nine months of 2020, the net profits rose by 66.34% YoY to stand at SAR 8.5 million.
