KSA - Al Sagr Ins. widens 9m net loss to SAR 75.7 mln
Monday, 11 09 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
Al Sagr Cooperative Insurance Co. widened net loss before Zakat to SAR 75.7 million in the first nine months of 2020 from SAR 32.7 million a year earlier.
The company attributed the higher losses to an increase in net incurred claims and other benefits and lower investment income.
In Q3 2020, the insurer also widened net loss before Zakat by 13.8% to SAR 29.5 million from a net loss of SAR 25.9 million a year earlier due to higher net incurred claims and other benefits.
The company turned to losses in the third quarter of the year from a net profit of SAR 12.2 million in Q2 2020, as net incurred claims rose by 63% to SAR 43 million.