SABB Takaful narrows losses by 20% in Q3

SABB Takaful Company reported a 19.9% decline in net losses during the third quarter

  
Riyadh – Mubasher:SABB Takaful Company reported a 19.9% decline in net losses during the third quarter (Q3) of the year, as shown by the company’s interim financial results.

Losses amounted to SAR 2.684 million in Q3-19, compared with SAR 3.349 million for the same period last year, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Tuesday.

The decrease in net loss before zakat and tax is due to an increase in net underwriting income by 57.5% which has resulted mainly from a decrease in total underwriting costs and expenses by 14% that is offset by a decrease in net contribution earned by 3.94%, the company explained.

Source: Mubasher

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