According to the results of the company for the Saudi market (Tadawul) today, Wednesday, the losses for the period (before zakat) amounted to about 6.1 million riyals, compared to losses of 36.17 million riyals for the first quarter of 2019.

The company said in a statement to the stock exchange that the main reason for the decline in losses during the comparison periods is due to the increase in net earned premiums amounting to 44.93 million riyals (72%) and the decrease in the change in Additional insurance premium reserve of 29.29 million riyals (116%).

This improvement was offset by an increase in net claims and other benefits incurred by 31.93 million riyals (55%) and an increase in insurance policy costs of 4 million riyals (69%), Also, an increase in net other operating expenses by 8.39 million riyals (58%), which reduced the impact of the said improvement.

The total insurance premiums written in the company during the first quarter of this year amounted to 133.65 million riyals, compared to about 173.98 million riyals for the same period last year, a decrease of 23.2 %.