Riyadh – Mubasher: The Saudi Arabian Cooperative Insurance Company (SAICO) incurred net losses before Zakat worth SAR 10.05 million in the first quarter (Q1) of 2020, against profits of SAR 3.01 million in the corresponding period of the previous year.
Year-on-year (YoY), net written premiums (NWP) shrank by 14.8% in Q1-20 to stand at SAR 183.8 million from SAR 215.9 million in Q1-19, according to a disclosure to the Saudi Stock Exchange (Tadawul) on Wednesday.
The losses of the quarter are attributed to various factors, including a drop in net earned premiums and other underwriting income by 15% and 34%, respectively.
However, net claims incurred fell by 16% and the general and administrative expenses went down by 7%, whereas the reinsurance commission advanced by 24%.
