Riyadh – Mubasher: Solidarity Saudi Takaful Company (Solidarity) posted a 122.28% year-on-year hike in its losses for the third quarter of 2019, suffering SAR 21.5 million.
The company’s gross written premiums (GWP) jumped by 113.16% to SAR 127 million in Q3-19, compared to SAR 59.5 million in Q3-18, according to the company’s filing to the Saudi Stock Exchange (Tadawul) on Monday.
The company attributed the hike in losses to the increase in the technical reserves by 74% which has subsequently increased net incurred claims.
For the first nine months of 2019, Solidarity’s net losses reached SAR 42.1 million, versus profits of SAR 3 million in the same period of the prior year.
On a yearly basis, the company’s GWP grew by 65.9% to SAR 281 million during the nine-month period ended September.
Loss per share recorded SAR 1.61 in nine months, against a profit per share of SAR 0.34 in the same period last year.
