KSA - Gulf General moves to losses in Q1-20
Thursday, 06 18 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
Gulf General Cooperative Insurance Company registered SAR 3.7 million worth of net losses before Zakat in the first quarter (Q1) of 2020, against net profits of SAR 2.6 million in the comparative period a year earlier.
The insurer’s net written premiums (NWP) came at SAR 92.9 million over the first three months of the year, up by 79.3% from SAR 51.8 million, according to a bourse statement on Wednesday.
The turn to losses during Q1-20 is attributed to losses in the net gains of shareholders’ capital investments worth SAR 7,695, coupled with 52% higher gross written premiums (GWP).
Moreover, a surplus in insurance operations of SAR 5,233 was recorded in Q1-20, against a deficit of SAR 2,873, the statement noted.