Riyadh – Mubasher: Walaa Cooperative Insurance Company has suffered net losses before Zakat worth SAR 112.79 million in 2021, against profits amounting to SAR 72.62 million in 2020.
The loss per share stood at SAR 1.89 in 2021, versus earnings per share worth SAR 0.82 in 2020, according to a bourse disclosure on Wednesday.
The net written premiums (NWP) reached SAR 1.15 billion last year, up 35.37% year-on-year (YoY) from SAR 849.93 million.
Meanwhile, the net incurred claims soared by 73.86% to SAR 969.15 million in 2021 from SAR 557.41 million in 2020.
During the first nine months (9M) of 2021, Walaa Cooperative Insurance incurred net losses of SAR 46.43 million, versus net profits totalling SAR 42.80 in 9M-20.
It is worth noting that in the first half (H1) of 2021, the insurer registered net losses before Zakat worth SAR 13.32 million, against profits of SAR 17.53 million in the year-ago period.
