The losses were attributed to an increase in net claims incurred, especially in the medical insurance business. In addition, the provision for doubtful debts increased from SAR 900,000 to SAR 9.9 million.
Accumulated losses reached SAR 57.4 million as of Dec. 31, 2019, accounting for 14.36% of total capital, Al Sagr said in a bourse filing.
The increase in the accumulated losses came due to incurring SAR 48.2 million losses in 2019.
No financial impact is expected, the statement added.
In Q4 2019, the insurer widened its losses by 1.3% YoY to SAR 7.20 million, compared to SAR 7.11 million a year earlier.