The financial statements of Salama Cooperative Insurance Company showed the company's transformation of the loss in the past year compared to the profits of 2018.
According to the company’s results for the Saudi market (Tadawul), last year’s losses amounted to 61.99 million riyals, compared to 2018’s profits of 11.42 million riyals.
The company said in a statement to the stock exchange that last year's losses are due to a decrease in net earned premiums of 31%, in addition to an increase in general and administrative expenses 9%, partly offset by a decrease in net claims Incurred by 25%.
Total written premiums in the past year were 503.5 million riyals, compared to 734.98 million riyals in 2018.
The net written premiums written last year are 437.86 million riyals, compared to 687.34 million riyals in 2018, a decrease of 36.3%.
