Arabia Insurance Cooperative Co. (AICC) reported a net loss of SAR 33.89 million for the first nine months of 2019, from a profit of SAR 6.28 million in the same period last year.
The losses are attributed to higher both net claims incurred and impairment of available for sale investments, in addition to lower net reinsurance commission earned.
Gross Written Premium (GWP)
Net Profit Before Zakat & Tax
The company reported a net loss of SAR 16.22 million for Q3 2019, compared to a profit of SAR 1.15 million in the same quarter last year, driven by higher net claims incurred and premium deficiency reserve, and lower net earned premiums.
When compared to the previous quarter, net losses widened 35.8 percent due to lower net reinsurance commission earned and higher premium deficiency reserve.