The United Cooperative Insurance Group (ACIG) increased its losses by 163% to reach 1.5 million riyals in the third quarter of 2020, compared to losses of 522 thousand riyals in the same period of Last year, compared to profits in the previous quarter, 7 million riyals.
According to Arabiya Net, the net profit before zakat amounted to 8.5 million riyals during the first nine months of 2020, compared to 5.1 million riyals, in the corresponding period of last year, A growth of 66%.
and ACIG said that the reason for the increase in net loss during the current quarter compared to the same quarter of the previous year is due to the decrease in gross written premiums by 16% and the decrease in net written premiums. By 15%, and the decrease in net profits from investments of policyholders' funds by 55%.
and the net profits from investments of shareholders' funds decreased by 36%, the decrease in net insurance premiums earned by 2%, other underwriting income by 2% and commissions earned from reinsurance. By 14%.
On the other hand, the costs of acquiring documents increased by 7% despite the decrease in net potential claims by 7%.
