Riyadh – Mubasher: Malath Cooperative Insurance Company reported net losses before Zakat worth SAR 18.02 million in 2022, lower by 75.25% year-on-year (YoY) than SAR 72.85 million.
The loss per share stood at SAR 0.57 last year, versus SAR 1.71 in 2021, according to the annual income statements.
Net written premiums (NWP) declined by 2.25% YoY to SAR 857.67 million in 2022 from SAR 877.38 million.
Meanwhile, the Saudi insurer registered negative incurred claims worth SAR 745.49 million last year, an 8.47% increase from SAR 687.24 million in the January-December 2021 period.
Accumulated Losses
The accumulated losses hit SAR 148.70 million (29.75% of the capital) as of 31 December 2022, compared to SAR 120.40 million (24% of the capital) a year earlier.
In the first half (H1) of 2022, the net losses before Zakat of Malath Cooperative widened by 215.84% YoY to SAR 24.93 million from SAR 7.89 million.
