The financial statements of Al-Ahlia Cooperative Insurance Company showed a negative shift in the results of the company during the past year compared to 2018.
According to the company’s results for the Saudi market (Tadawul), last year’s losses (before Zakat) amounted to 44.21 million riyals, compared to 2018 profits of 15.82 million riyals.
>The company said in a statement to the stock exchange that the losses of the past year are due to the increase in the net claims incurred, reaching in 2019 about 143.9 million riyals compared to the year 2018, when it reached 108.6 million Real.
The company also attributed the losses last year to the rise in the change in the insurance premium deficit reserve to 11.1 million riyals compared to the previous year by 1.7 million riyals.
The company's general and administrative expenses rose last year to reach 49.5 million riyals, compared to 41.2 million riyals in 2018.
Shareholders ’equity investments witnessed a decrease in the last year to 10.8 million riyals, compared to 13.7 million riyals in 2018, a decrease of 21.2%.
