KSA - Wafa Ins. posts 148% higher losses in Q2
Wednesday, 09 02 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
The losses of Saudi Indian Company for Cooperative Insurance (Wafa Insurance) increased by 148.4% in the three-month period ended 30 June 2020, reaching SAR 26.48 million from SAR 10.66 million in the year-ago quarter.
The hike in quarterly losses is due to a rise in provision for doubtful receivables to SAR 26.27 million, according to a bourse disclosure on Tuesday.
Net written premiums (NWP) totalled SAR 8 million in the April-June period of 2020, posting a yearly decline of 99.9%.
In the first half (H1) of the year, the losses amounted to SAR 28.4 million, down 33.2% when compared to SAR 42.46 million in H1-19.