Riyadh – Mubasher: Alinma Tokio Marine Company suffered net losses before Zakat worth SAR 7.1 million during the first nine months of 2021, against net profits standing at SAR 3.66 million in the same period a year ago.
The loss per share amounted to SAR 0.31 at the end of September this year, versus earnings per share of SAR 0.03 in the corresponding period in 2020, according to the initial financial results on Sunday.
The company attributed the turn to losses in the 2021 nine-month period to a decline in reinsurance commission earned by 18.13%, a rise of 11.35% in net incurred claims, in addition to other factors like underwriting costs and expenses as well as general and administrative expenses.
At the end of September 2021, Alinma Tokio Marine’s accumulated losses stood at SAR 107.8 million, representing 35.9% of the SAR 300 million capital.
During the third quarter (Q3) of 2021, the company also turned to losses before Zakat worth SAR 3.83 million, against profits worth SAR 1.25 million in Q3-20.
