SABB Takaful Co. reported a net loss before Zakat of SAR 19.1 million for fiscal year 2019 compared to a net profit of SAR 1.1 million a year earlier, the company said in a bourse statement.
The loss is attributed to 10% increase in total underwriting cost and expenses, due to a decrease in reversal of reserves for Takaful activities and drop in reversal of reserve for unexpired risk.
The statement also cited an increase of 19% in general and administrative expenses.
In Q4 2019, the company swung to a net loss before Zakat of SAR 12.5 million, as against net profit of SAR 3.42 million in the same period of 2018.
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