KSA - Al Sagr swings to SAR 39.9 mln loss in FY19
Wednesday, 03 25 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
Al Sagr Cooperative Insurance Co. reported a net loss before Zakat of SAR 39.9 million for the fiscal year 2019, against a net profit of SAR 818,000 a year earlier.
The losses were attributed to an increase in net claims incurred, especially in the medical insurance business. In addition, the provision for doubtful debts increased from SAR 900,000 to SAR 9.9 million.
Accumulated losses reached SAR 57.4 million as of Dec. 31, 2019, accounting for 14.36% of total capital, Al Sagr said in a bourse filing.
The increase in the accumulated losses came due to incurring SAR 48.2 million losses in 2019.
No financial impact is expected, the statement added.
In Q4 2019, the insurer widened its losses by 1.3% YoY to SAR 7.20 million, compared to SAR 7.11 million a year earlier.