KSA - Amana Ins. widens 2019 net loss to SAR 27.7 m
Wednesday, 04 01 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
Amana Cooperative Insurance Co. widened its net loss before Zakat to SAR 27.7 million for fiscal year 2019, by 37% year-on-year (YoY), compared to SAR 20.2 million a year earlier.
The company cited an increase in incurred claims by 428%, as well as higher technical reserves by 3615% and a growth in underwriting expenses by 227%.
In Q4 2019, the insurer narrowed its losses by 42.8% to reach SAR 4.6 million.