Riyadh – Mubasher: Walaa Cooperative Insurance Company incurred net losses before Zakat worth SAR 15.72 million in 2022, an annual plunge of 86.06% from SAR 112.79 million.
Loss per share reached SAR 0.40 last year, versus SAR 1.89 in 2021, according to the income statements.
The net written premiums (NWP) surged by 15.37% to SAR 1.32 billion in 2022 from SAR 1.15 billion a year earlier. Meanwhile, the incurred claims hiked by 19.86% to SAR 1.16 billion from SAR 969.15 million.
Accumulated Losses
The Saudi insurer reported accumulated losses worth SAR 68.11 million as of 31 December 2022, equivalent to 8.01% of the paid-up capital.
In the first nine months (9M) of 2022, Walaa Cooperative Insurance witnessed a 5.59% year-on-year (YoY) decrease in net losses to SAR 43.84 million from SAR 46.43 million.
