Riyadh – Mubasher: Alinma Tokio Marine Company reported a 93% decline in net losses before Zakat to SAR 784,000 during the first quarter (Q1) of 2021 from SAR 11.28 million in the same period last year.
The company recorded a loss per share of SAR 0.05 in the first three months of 2021, compared with SAR 0.4 in Q1-20, according to the interim financial results.
Net written premiums decreased 1% year-on-year (YoY) to SAR 46.29 million in Q1-21 from SAR 46.83 million.
Net incurred claims also plunged 49% YoY to SAR 15.1 million in Q1-21, compared to SAR 29.71 million.
Quarter-on-quarter (QoQ), Alinma Tokio Marine’s losses narrowed 84.6% from SAR 5.11 million in the fourth quarter (Q4) of 2020.
Net written premiums increased 145% QoQ from SAR 18.89 million in Q4-20, while net incurred claims shrank 20.5% QoQ from SAR 19 million.
Until 31 March 2021, Alinma Tokio Marine’s accumulated losses stood at SAR 99.96 million, which represented 33.32% of the SAR 300 million paid-up capital.
During the full year of 2020, losses before Zakat fell 95.75% to SAR 1.448 million, compared to SAR 34.03 million in 2019.
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