Al Ahlia for Cooperative Insurance Co. reported a net loss before Zakat of SAR 44.2 million for the fiscal year 2019, against a net profit of SAR 15.8 million a year earlier.
The losses were attributed to an increase in net incurred claims, as well as higher change premium deficiency reserve, and general and administrative expenses.
Moreover, the company recorded a decline in profit for shareholders investments, and the shareholders' investments for the year.
Higher doubtful debt expenses also weighed negatively on the annual figures.
In Q4 2019, the insurer incurred net losses of SAR 19.5 million against a net profit of SAR 0.41 million in year earlier period.
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