|31 March, 2019

16 Saudi insurance firms log millions in losses in 2018

Walaa Cooperative Insurance logged a net profit of SAR 100.37m in 2018

Image for illustrative purposes. A currency exchange trader counts money.

Image for illustrative purposes. A currency exchange trader counts money.

REUTERS/Faisal Mahmood

Riyadh – Mubasher: A total of 16 insurance firms listed on the Saudi Stock Exchange (Tadawul) reported a combined net loss of SAR 213 million in 2018.

The Company for Cooperative Insurance (Tawuniya) posted the highest net losses of SAR 213.3 million in 2018, followed by the United Cooperative Assurance and Solidarity Saudi Takaful which registered SAR 60.2 million and SAR 59.7 million, respectively.

On the other hand, Walaa Cooperative Insurance ranked first in terms of profits among Saudi insurers with a net profit of SAR 100.37 million, while CHUBB Arabia Cooperative Insurance and Salama Cooperative Insurance logged net profits of SAR 44.5 million and SAR 16.34 million, respectively.

Translated by: Zeinab Adel

Source: Mubasher Exclusive

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