KSA - The “Competition” decides to merge Gulf Union with Al Ahlia Ins.
Wednesday, 06 17 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
The General Authority for Competition announced that it is not reluctant to complete the process of economic concentration between the two companies, Gulf Union Cooperative Insurance and Ahlia Cooperative Insurance.
The National Cooperative Insurance Company announced the preliminary financial results for the first quarter of this year, achieving a significant increase in losses of 7732%.
The company said, in a statement to the Saudi financial market Tadawul, that its losses before zakat increased to 3.916 million riyals, compared to 50 thousand riyals during the same period last year.
The increase in the net loss is due to the increase in the net claims incurred, as the net claims incurred for the current quarter amounted to 39.3 million riyals compared to the same quarter of the previous year amounted to 30.4 million riyals, and the formation of another provision of 5.3 million riyals in the current quarter.
She also pointed out that the increase in losses came as a result of the decrease in other income, as other income in the current quarter amounted to 492 thousand compared to the same quarter of the previous year in the amount of 2.1 million riyals, and the increase in general and administrative expenses, as general and administrative expenses for the current quarter amounted to 11.4 million compared to the quarter Similar from the previous year amounted to 10.8 million riyals.