Allianz SF posts $4mln losses in Q1 2020

The company generated revenues of $44.16mln in Q1 2020

  

Riyadh -  Allianz Saudi Fransi Cooperative Insurance Company (Allianz SF) recorded a net loss before Zakat of SAR 14.97 million during the first quarter (Q1) of 2020, against a profit of SAR 11.22 million in the year-ago period.

The company's losses are attributed to a 15% rise in the incurred net claims, according to the company's interim financial results for the period ended on 31 March 2020.

The company generated revenues of SAR 165.6 million in the January-March period, up 4.6% from SAR 158.3 million in the same period of 2019.

The net written premiums reached SAR 129.42 million in the first three months of 2020, down 55.2% from SAR 289.01 million in the same quarter of 2019.

The loss per share stood at SAR 0.78 in Q1-2020, versus earnings per share (EPS) of SAR 0.44 during the corresponding period of the previous year.

It is noteworthy to mention that in 2019, the company's net profits rose by 12.32% to around SAR 41.62 million, compared to SAR 37.05 million in 2018.

Source: Mubasher

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