Riyadh – Mubasher: Al Sagr Cooperative Insurance Company (Al Sagr Insurance) suffered SAR 25.9 million losses during the third quarter of 2019, versus profits of SAR 7.8 million in Q3-18.

The company’s gross written premiums (GWP) jumped by 25.8% to SAR 118 million in Q3-19, compared to SAR 93.7 million in 2018’s quarter.

The company attributed the move to losses to the increase in net claims and other benefits.  

For the first nine months of 2019, net losses of the insurance provider reached SAR 32.6 million, against profits of SAR 18.5 million in the same period of the prior year.

GWP stood at SAR 317 million during the nine-month period between January and September, 34.7% higher than SAR 235.5 million in the same period last year.

Loss per share recorded SAR 0.98 in nine months, versus a profit per share of SAR 0.2 in the corresponding period of 2018.