Loss of Cooperative Insurance Company increased by 103.5%, with losses reached SAR 23.86 million in the first quarter of 2021, against losses of SR 11.72 million in the first quarter of 2020.
According to Arab Net, the company has turned on a quarter-finals, compared with losses of SR 29.8 million in the fourth quarter of 2020.
In a statement on Saudi trading on Monday, Label for Insurance, higher losses in the first quarter of 2021 on an annual basis, returned to the net claims and other benefits incurred by 41.98 million riyals by 24.33% and a rise in other technical reserves by 10.72 million riyals by 103.02% , And a rise in the costs of subscription documents by 5.04 million riyals by 54.22% and a rise in other IPO expenses by 14.75 million riyals by 224.87%.
He added that this increase in net insurance premiums earned by 30.73 million riyals and 16.24% and a rise in reinsurance commission by 2.79 million riyals, and 37.51% and a decrease in additional insurance reserves by 11.11 million riyals and a rise in commission income and investments by 18.13 Million riyals by 480.67%.
Walaa Cooperative Insurance Company has announced the annual financial results of 2020, an increase in net profit before zakat by 213.6%, reaching SAR 72.625, compared to SR 23.159 million in 2019, a rise of about 3 times.
