Buruj Cooperative Insurance Company recorded losses of 13.99 million riyals in the first quarter of 2020, compared to 16.15 million riyals in profits for the same period last year.
According to Arabia Net, the company said, in a statement, that the reason for achieving losses during this quarter compared to the same quarter of the previous year, is due to a deficit in the results of the IPO. As a result of the decrease in net acquired insurance premiums by 19.2%.
The company also attributed the losses to the increase in net claims incurred by 58.6%, in addition to achieving losses in total investments of 114.321 thousand riyals, compared to total investment profits of 8.789 million SAR for the same quarter of the previous year, due to the recording of impairment losses on some available-for-sale investments.
