Riyadh -Mubasher: Allianz Saudi Fransi Cooperative Insurance Company (Allianz SF) swung to a net loss of SAR 10.3 million during the quarter ended on 30 September 2020, compared with a profit of SAR 8.3 million in the year-ago period.

The move to losses was driven by a 35.8% decrease in total revenue, attributed to a fall of 48.9% in motor net written premiums (NWP), according to a stock exchange statement on Monday.

Accordingly, net premiums earned (NPE) of the motor business dropped by 48.1%.

During the first nine months of the year, the Saudi insurer suffered SAR 14.88 million worth of losses, against profits of SAR 26.3 million in the same period in 2019.