Saudi Enaya widens losses to SAR 101.4 mln in FY2019
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Saudi Enaya Cooperative Insurance Co. reported a net loss before Zakat of SAR 101.4 million for fiscal year 2019, an increase of 10.4% year-on-year (YoY), as compared to SAR 91.8 million a year earlier.
Gross Written Premium (GWP)
Net Profit Before Zakat & Tax
The losses widened for the year due to a decrease in net earned premiums by SAR 145.4 million, along with a corresponding drop in total underwriting costs and expenses by SAR 143.4 million, the company said in a bourse statement.
However, allowance for doubtful debts increased by SAR 10.08 million and investment income grew by SAR 3.5 million.
Gross written premiums (GWPs) increased by 11.4% to reach SAR 154 million in FY2019.
In Q4 2019, the insurer widened its net losses to SAR 23.2 million compared to SAR 15.6 million in Q4 2018.