KSA - Arabia Ins. incurs SAR 37.8 mln loss in FY2019
Tuesday, 03 24 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
Arabia Insurance Cooperative Co. (AICC) reported a net loss before Zakat of SAR 37.8 million in the fiscal year 2019, as compared to a net profit of SAR 3.4 million from a year earlier.
The insurer attributed the loss to higher net incurred claims and a decrease in net earned reinsurance commission and net earned premiums.
Gross written premiums (GWP) stood at SAR 332.42 million, down by 5.2% year-on-year (YoY), while net incurred claims increased by 21.6% YoY to SAR 171.4 million in FY2019.
In Q4 2019, the insurer widened its net losses year-on-year (YoY) by 35.3% to SAR 3.87 million.