Saudi Enaya’s Q1 losses deepen 106%

Net written premiums grew 38.49% quarter-on-quarter

  
A Saudi trader works at the Saudi Investment Bank in Riyadh. Image used for illustrative purpose.

A Saudi trader works at the Saudi Investment Bank in Riyadh. Image used for illustrative purpose.

REUTERS/Fahad Shadeed
Riyadh – Mubasher: Saudi Enaya Cooperative Insurance Company incurred a net loss before Zakat worth SAR 21.13 million during the first quarter (Q1) of 2021, marking an annual increase of 106% from SAR 10.25 million.

The company posted a loss per share of SAR 1.46 in Q1-21, compared with SAR 0.72 in Q1-20, according to the initial financial results.

Saudi Enaya registered a 26% year-on-year (YoY) decline in net written premiums to SAR 45.07 million during the first three months of 2021, compared to SAR 60.97 million.

Net incurred claims reached SAR 37.2 million in Q1-21, down 13% YoY from SAR 42.88 million.

On a quarterly basis, Saudi Enaya suffered an increase of 115.9% in net losses before Zakat from SAR 9.78 million in the fourth quarter (Q4) of 2020.

Net written premiums grew 38.49% quarter-on-quarter (QoQ) when compared with SAR 32.45 million in Q4-20.

Net incurred claims meanwhile decreased 5.9% QoQ in Q1-21 from SAR 39.55 million.

Saudi Enaya’s accumulated losses until 31 March 2021 have reached SAR 51.15 million, accounting for 34.1% of the SAR 150 million capital.

It is worth noting that Saudi Enaya recently signed a binding merger agreement with the listed Amana Cooperative Insurance Company.

Source: Mubasher

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