Solidarity Saudi Takaful Company (Solidarity Takaful) reduced its losses by 76.7% to reach 5.01 million riyals in the third quarter of 2020, compared to about 21.5 million riyals net losses In the same quarter last year.
According to Arabiya Net, the company's net losses in the third quarter of this year decreased by 81.2% compared to net losses of about 26.6 million riyals in the second quarter of this year .
In the first nine months of this year, the company's net losses decreased by 50.7%, to reach 20.78 million riyals, compared to 42.1 million riyals in the same period of 2019 .
and at the end of the first nine months of the current year, Solidarity Takaful recorded accumulated losses of 70.7 million riyals, equivalent to 28.27% of the capital of 250 million riyals.
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Solidarity Takaful said in a statement to the Saudi Stock Exchange - Tadawul, today, Sunday, that the reason for the decrease in the net loss for the third quarter of this year compared to the same quarter of the previous year is due This indicates an increase in net earned premiums by an increase of 23.59% and a decrease in the additional insurance premium deficit reserve by a decrease of 34%.
