Gulf Union Cooperative Insurance Co. (Gulf Union) reported a net loss before Zakat of SAR 30.7 million in the fiscal year 2019, as against a profit of SAR 5.8 million a year earlier.
Gross Written Premium (GWP)
Net Profit Before Zakat & Tax
The loss is due to 195% or SAR 193.99 million year-on-year (YoY) increase in net claims and other incurred benefits.
The insurer said in a bourse filing that the 95% or SAR 158.85 million increase in net earned premiums and 92% or SAR 6.6 million increase in investment and commission income, partially offset the increase in net claims and other incurred benefits.
Total comprehensive loss jumped to SAR 22.94 million, compared to a loss of SAR 1.195 million in 2018.
In Q4 2019, the company reported net loss of SAR 4.01 million as against a profit of SAR 17.84 million in the same period of 2018.