Wafa Insurance narrows losses to SAR 32.4 mln in 9M 2019
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The Saudi Indian Cooperative Insurance Co. (Wafa) reported a net loss before Zakat of SAR 32.4 million for the first nine months of 2019, from a net loss of SAR 75.7 million in the same period a year earlier.
The decline in net loss was attributed to halting company’s operations during the comparative period due to the decrease in the solvency margin, in addition to a decrease in net written premiums.
Gross Written Premium (GWP)
Net Profit Before Zakat & Tax
The company reported a net loss of SAR 4.07 million for Q3 2019 from a loss of SAR 33.2 million in Q3 2018 on lower net paid claims.
When compared to previous quarter, Q3 net loss came lower due to lower provision for doubtful receivables.