Riyadh - Mubasher: The net losses of Salama Cooperative Insurance Company widened by 358.58% year-on-year (YoY) to SAR 17.02 million for the second quarter (Q2) of 2026 from SAR 3.71 million.
The widening loss was primarily driven by insurance service results, which fell to a deficit of SAR 1.46 million from a surplus of SAR 15.62 million a year earlier.
Quarterly insurance revenue grew by 22.52% to SAR 172.42 million, supported by higher gross written premiums in the motor and health sectors.
Gross written premiums for the quarter reached SAR 222.95 million, a 126.77% increase year-on-year (YoY). However, the company noted that higher net claims incurred and increased technical reserves weighed on the bottom line.
In the first half (H1) of 2026, the net loss narrowed to SAR 20.34 million from SAR 39.13 million in the prior-year period, representing a 48.02% improvement.
Accumulated losses stood at SAR 121.56 million as of 30 June 2026, accounting for 40.52% of the company's capital.
Consequently, the insurer confirmed it will apply procedures for listed companies with accumulated losses exceeding 35% of capital. Loss per share for the half-year period was SAR 0.68.
