Riyadh – Mubasher: Saudi Indian Company for Cooperative Insurance (Wafa Insurance) reported a 90% decline in the net profits of the first quarter of 2017.

Net profits reached SAR 3.65 million in Q1-17 from SAR 36.46 million in the year-ago period, according to a bourse filing on Thursday.

The drop in the quarter’s profits was attributable to higher net incurred claims by 79%, total claims and other expenses by 61%, and general and administrative expenses by 50%.