The financial statements of Walaa Cooperative Insurance Company showed that the company shifted to a loss at the end of the first quarter of the next year compared to the profits for the same period in 2019.

According to the results of the company for the Saudi market (Tadawul) today, the losses for the period (before zakat) amounted to about 11.72 million riyals, compared to the profits for the first quarter of last year amounting to 15.32 Million riyals.

The company said in a statement to the Stock Exchange that the main reason for the loss in the first quarter of 2020 compared to profits in the first quarter of 2019, due to the rise in net claims and other benefits Incurred by 52.07 million riyals, or 43.23%.

As well as an increase in other underwriting expenses by 2.77 million riyals, or 73.31%, the increase in general and administrative expenses by 5.53 million riyals and 18.33%, and a decrease in commission income from Deposits by 2.72 million riyals, or 42%.

This corresponds to a rise in net earned premiums by 14.21 million riyals, by 8.12%, an increase in reinsurance commission by 2.09 million riyals, and by 39.13%, and a decrease in technical reserves Another 10.80 million riyals, or 429.16%.

Likewise, a decrease in insurance policy acquisition costs by 4.05 million riyals by 30.34%, and a decrease in the provision for doubtful debts by 3.76 million riyals and by 60.33%. p>