Saudi SABB Takaful Q3 losses widen 108%

During the period from January to September, the losses increased by 163.9%

  
Saudi men inspect a screen showing stock prices at ANB Bank in Riyadh, Saudi Arabia September 16, 2019. Image for illustrative purposes.

Saudi men inspect a screen showing stock prices at ANB Bank in Riyadh, Saudi Arabia September 16, 2019. Image for illustrative purposes.

REUTERS/Ahmed Yosri

Riyadh – The net losses of SABB Takaful Co deepened by 108% year-on-year (YoY) during the third quarter (Q3) of 2020, reaching SAR 5.58 million.

This is compared to SAR 2.7 million worth of losses in the year-ago quarter, according to a bourse statement on Sunday.

This rise resulted from an increase in changes in reserve for Takaful activities by SAR 11.5 million, coupled with higher policy acquisition costs by SAR 2.6 million and a lower investment income by SAR 1.2 million.

During the period from January to September, the losses increased by 163.9% YoY to SAR 17.5 million.

Source: Mubasher

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