The losses of the Gulf National Union of Cooperative Insurance increased by 831.1%.
According to Arab Net, the company's losses rose on a quarter of 68.6%, compared to losses of about 33.7 million riyals in the fourth quarter of 2020.
The Gulf National Union said in a statement on Saudi trading on Monday that the main cause of loss in the first quarter of 2021, on an annual basis, is due to the increase in net claims and other benefits incurred at 76.59 million riyals.
The company reported that its accumulated losses of SR 117.34 million equivalent to 51.1% of SR 229.47 million.
The losses of the Gulf National Union of Cooperative Insurance, rose 28.1% in 2020, for SR 39.36 million, for losses of about 30.74 million riyals in 2019.
