Amana Cooperative Insurance Co. sustained a net loss before zakat of SAR 20.2 million for fiscal year 2018, against a net profit of SAR 753,000 a year earlier, due to an increase in reserves for unearned premiums and other underwriting costs.
The annual results were also hit by a decrease in reinsurance commissions.
Gross Written Premium (GWP)
Net Profit Before Zakat & Tax
In Q4 2018, Amana’s net losses widened to SAR 8 million from SAR 6.9 million a year earlier.