Riyadh – Mubasher: Amana Cooperative Insurance turned to losses in the first quarter of 2017.

Net losses amounted to SAR 4.58 million in Q1-17, against net profits of SAR 8.21 million in Q1-16, according to a bourse filing on Tuesday.

The company said that the incurred losses were due to a decrease in its stake in net written premiums by 79%.

Moreover, the firm’s stake in the incurred claims dropped 68.7%, while administrative expenses retreated 47.5%, which also contributed to the losses reported in the current quarter.

Net written premiums retreated 81.6% to SAR 9.041 million in Q1-17 from SAR 49.11 million in the same period of the previous year.

Operational losses reached SAR 4.74 million compared to SAR 6.7 million in the year-ago period.