The Gulf Union National Cooperative Insurance Company recorded a loss of about 46.8 million riyals in the second quarter of 2021, compared to a net profit of about 10.6 million riyals in the same quarter of 2020.
According to Arabiya Net, the losses of the Gulf Union fell by 17.6% in the second quarter of 2021, compared to losses of about 56.8 million riyals in the first quarter of 2021.
The company said in a statement on Saudi Arabia's Tadawul, today, Wednesday, that the main reason for the company's loss during the second quarter of 2021, compared to a profit in the same quarter of last year, is due to The increase in the total underwriting costs and expenses, net of 108,420 thousand riyals, offset by an increase in the net insurance premiums earned by 53,641 thousand riyals, which reduced the impact of the loss.
The Ahlia Gulf Union turned to achieving net losses of about 103.6 million riyals in the first half of 2021, compared to a net profit of about 4.6 million riyals in the first half of 2020.< /p>
The company stated that its accumulated losses amounted to about 75.65 million riyals at the end of the first half of 2021, equivalent to 32.97% of the capital of 229.47 million riyals.
