Riyadh -Mubasher: Allianz Saudi Fransi Cooperative Insurance Company (Allianz SF) swung to a net loss of SAR 10.3 million during the quarter ended on 30 September 2020, compared with a profit of SAR 8.3 million in the year-ago period.

The move to losses was driven by a 35.8% decrease in total revenue, attributed to a fall of 48.9% in motor net written premiums (NWP), according to a stock exchange statement on Monday.

Accordingly, net premiums earned (NPE) of the motor business dropped by 48.1%.

During the first nine months of the year, the Saudi insurer suffered SAR 14.88 million worth of losses, against profits of SAR 26.3 million in the same period in 2019.

Source: Mubasher

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