The losses of the Alinma company, Tokyo Marine, decreased by 95.7%, reaching 1.45 million riyals in 2020, compared to about 34 million riyals in 2019.
According to Arabnet, Alinma Tokyo said in a statement that the reason for the decrease in the net loss for the current year compared with the previous year is due to the decrease in net claims incurred by 43.9%, the decrease in underwriting expenses and costs by 16.1%, and the decrease In technical reserves by 133.6%.
The company indicated the increase in other underwriting income by 190%, in addition to the increase in investment income by 10.9%.
She explained that despite the positive results of all the above, the results were partly affected by the decrease in net earned premiums by 15.3% in addition to the increase in changes in unit-linked reserves by 23.5%.
The accumulated losses at the end of the year 2020 amounted to about 98 million riyals, equivalent to 32.81% of the paid-up capital.
