Riyadh – Mubasher: Saudi Enaya Cooperative Insurance’s net losses retreated 31.49% in the first quarter of 2017.

Net losses reached SAR 6.56 million in Q1-17 compared to SAR 9.57 million in Q1-16, according to a bourse filing on Tuesday.

The company attributed the decrease in losses to higher gross written premiums by 58% which resulted in increase in net earned premiums by 155%.

Net written premiums hiked 156.53% to SAR 47.8 million in Q1-17 compared to SAR 18.6 million in Q1-16.

Net losses amounted to SAR 25.8 million in 2016 compared to SAR 52 million in 2015, with 50.3% decline.