KSA - Gulf General Cooperative Ins. improves loss by 86.9%
Tuesday, 03 24 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
The reduction in losses before zakat of 86.9% of Gulf General Cooperative Ins. in comparison to the previous year is due to the growth in net earned premium by 25% and improvement in the performance of the insurance portfolio along with a reduction in general and administration expenses by 1% and the enhancement in the investments portfolio returns by 27.15%.
The comprehensive loss for the current year was SR 1,265 thousand compared to a comprehensive loss of SR 38,351 thousand, with a decrease of 96.7%. The shareholders equity for the year ended 31 Dec 2019 was SR 158,584 thousand compared with SR 159,751 thousand for the year ended 31 Dec 2018. with a decrease of 0.11%. The accumulated losses reached as at 31 Dec 2019 SR 43,888 thousand representing 21.94% of the capital. The increase in the accumulated losses is due to the losses of year 2019 of SR 1,265 thousand.