Amana Cooperative Insurance Co. (Amana Insurance) widened net losses before zakat to SAR 25.1 million for Q2 2019, compared to net losses of SAR 7.2 million a year earlier, on an increase in net claims incurred and premium deficiency reserve, as well as doubled underwriting costs.
Gross Written Premium (GWP)
Net Profit Before Zakat & Tax
The company also widened net loss in Q2 to SAR 4.3 million, compared to SAR 290,000 in Q2 2018, on higher net claims incurred and premium deficiency reserve.
When compared to the previous quarter, net loss shrunk by 79.2 percent due to higher net premiums earned, higher underwriting revenue, lower net claims incurred and a decrease in premium deficiency reserve.