Riyadh – Mubasher: The Saudi Arabian Cooperative Insurance Company (SAICO) has incurred net losses before zakat of SAR 30.268 million during the first six months of 2021, against net profits of SAR 27.167 million in the year-ago period of 2020.
The company's net written premiums rose by 10.58% to SAR 361.443 million in the first half (H1) of 2021 from SAR 326.851 million in the corresponding year of 2020, according to a bourse filing on Tuesday.
Meanwhile, the company's net incurred claims amounted to SAR 232.853 million in H1-21, up 42.39% from SAR 163.53 million in H1-20.
The loss per share stood at SAR 1.08 in the January-June period of 2021, versus earnings per share (EPS) of SAR 0.76 in the same period of 2020.
During the second quarter (Q2) of 2021, the company recorded net losses before zakat of SAR 15.063 million, compared to net profits of SAR 37.211 million in Q2-20.
Additionally, the company logged accumulated losses of SAR 5.33 million, representing 1.8% of the capital.
