Saudi Arabian Cooperative Insurance Co. (SAICO) recorded a net loss before Zakat of SAR 2.4 million for fiscal year 2019 as compared to SAR 13 million in the same period a year earlier.
The decrease in loss is attributed to an increase in net earned premiums by 4%, a rise in other underwriting income by 172% and an increase in net investment profit of policy holders by 89%.
The insurer also cited an increase in other income by 118% and a 5% decline in general and administrative expenses (G&As).
The decrease came despite an increase in net claims incurred by 4%, a drop in reinsurance commission by 39% and increase in doubtful debt provisions by 69%
In Q4 2019, the company incurred SAR 11.2 million net loss as compared to SAR 6.11 million in Q4 2018.
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