Riyadh – Mubasher: The net losses before Zakat of United Cooperative Assurance Company (UCA) plunged by 44.1% on an annual basis over the first quarter (Q1) of 2020, reaching SAR 3 million from SAR 5.5 million.

The insurer’s net written premiums (NWP) skyrocketed by 231.3% in the period ending on 31 March 2020 to stand at SAR 55.3 million when compared to SAR 16.7 million, according to a bourse disclosure on Tuesday.

The decline in the net interim losses is due to a drop in the net claims incurred, decreasing general and administrative expenses, and lower provision of doubtful debts.