Riyadh – Mubasher: Gulf General Cooperative Insurance Company suffered net losses before Zakat worth SAR 43.12 million during the first half (H1) of 2021, against net profits worth SAR 14.49 million in H1-20.
The loss per share stood at SAR 2.21 in H1-21, versus earnings per share of SAR 0.63 in H1-20, according to the financial results on Monday.
Net written premiums soared by 25.8% to SAR 149.94 million in H1-21 from SAR 119.17 million in H1-20. The net incurred claims also surged by 65% to SAR 105.87 million from SAR 64.15 million.
At the end of June, the accumulated losses reached SAR 84.26 million, representing 42.13% of the SAR 200 million capital.
In the second quarter (Q2) of 2021, Gulf General turned to losses of SAR 19.71 million, against profits worth SAR 18.75 million in Q2-20.
On a quarterly basis, the net losses in the April-June 2021 period were 15.8% lower than SAR 23.41 million in the January-March period this year.
