Saudi: Walaa Cooperative Insurance’s losses shrink in 9M-22; accumulated losses announced

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Riyadh – The net losses before Zakat of Walaa Cooperative Insurance Company reached SAR 43.84 million in the first nine months (9M) of 2022, down 5.59% from SAR 46.43 million in 9M-21.

The loss per share settled at SAR 0.80 in the January-September 2022 period, compared to SAR 0.89 in 9M-21, according to the interim financial results.

Walaa Cooperative Insurance reported a 23.47% year-on-year (YoY) hike in net incurred claims to SAR 834.85 million in 9M-22, compared to SAR 676.14 million.

In 9M-22, the net written premiums (NWP) enlarged by 21.45% YoY to SAR 1.02 billion from SAR 842.73 million.

Meanwhile, the accumulated losses amounted to SAR 92.59 million as of 30 September 2022, accounting for 14.32% of the SAR 646.39 million capital.

Income Statements during Q3-22

In the third quarter (Q3) of 2022, the net losses before Zakat stood at SAR 16.21 million, lower by 51.03% than SAR 33.11 million in the year-ago period.

The net incurred claims widened by 19.29% to SAR 286.79 million in Q3-22 from SAR 240.41 million in Q3-21, while the NWP inched down by 0.46% to SAR 316.62 million from SAR 318.07 million.

On a quarterly basis, the company shifted to net losses before Zakat in Q3-22, against net profits of SAR 4.68 million in Q2-22.

Additionally, the Q3-22 net incurred claims rose by 4.75% from SAR 273.78 million in Q2-22, whereas the NWP plunged by 20.65% from SAR 399 million.

In the first half (H1) of 2022, the Saudi firm incurred net losses before Zakat worth SAR 27.62 million, an annual leap of 107.42% from SAR 13.32 million.