The losses of SABB Takaful Company in the third quarter of this year increased by 108% to reach 5.58 million riyals, compared to 2.68 million riyals in the same quarter of last year .
According to Arabiya Net, the company's net losses increased by 273.4% in the third quarter of this year, compared to 1.49 million riyals net losses for the previous quarter of this year.
In the first nine months of this year, SABB Takaful losses increased by 164%, to reach 17.49 million riyals, compared to losses of about 6.63 million riyals in the same period of the year The past.
and at the end of the first nine months of this year, SABB Takaful net losses increased by 54.56 million riyals, equivalent to 0.16% of the capital of 340 million riyals.
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The company said in a statement to the Saudi Stock Exchange - Tadawul, today, Sunday, that the reason for the increase in the net losses before zakat and tax is due to an increase in the changes in the reserve of Takaful activities by 11.5 million Riyals, and the increase in the costs of acquiring insurance policies by 2.6 million riyals, in addition to a decrease in investment income by 1.2 million riyals.
