Riyadh – Mubasher: United Cooperative Assurance Company reported a net loss before Zakat of SAR 7.08 million in the first nine months (9M) of 2023, down by 85.27% from SAR 48.05 million in 9M-22.
The loss per share was SAR 0.24 in January-September 2023, compared to SAR 1.28 in 9M-22, according to the interim financial results.
The company’s gross written premiums (GWP) increased by 17.81% year-on-year (YoY) to SAR 840.32 million from SAR 713.26 million.
Income Statements for Q3-23
In the third quarter (Q3) of 2023, United Cooperative turned to net profits before Zakat of SAR 2.85 million from a net loss of SAR 13.87 million in Q3-22.
The GWP grew by 7.19% to SAR 244.22 million in July-September 2023 when compared with SAR 227.84 million in the corresponding period a year earlier.
On a quarterly basis, the company swung to profits in Q3-23 from a net loss of SAR 530,000 in Q2-23, while its GWP rose by 30.59% from SAR 187.01 million.
Accumulated Losses
The accumulated losses as of 30 September 2023 reached SAR 195.29 million, which represents 48.82% of the company’s SAR 400 million capital.
It is worth mentioning that United Cooperative received a regulatory nod from the central bank in 2022 to increase its capital by SAR 300 million.
