Riyadh – Mubasher: MetLife AIG ANB Cooperative Insurance Company posted a 57.27% year-on-year drop in net losses for the second quarter of 2017, while losses declined 52.8% quarter-on-quarter, according to a bourse filing on Thursday.

Net losses shrank to SAR 3.2 million in Q2-17 from SAR 7.6 million in the corresponding period of 2017.

The firm attributed the decrease in losses to the improvement in underwriting results by SAR 5.6 million, backed by higher net earned premiums, as well as the improvement in net incurred claims ratio, versus the increase in general and administration expenses.

Losses decreased 10.27% to SAR 10.1 million in the first six months of 2017 from SAR 11.27 million in the same period of the year before.

In 30 June 2017, accumulated losses amounted to SAR 124.1 million, representing 35.46 % of share capital.

The firm referred to the main reasons for these accumulated losses including high cost for raising initial and additional capital, in addition to prolonged pre-incorporation, and pre-operating expenses.

The financial statements of the company had previously showed an 86.7% rise in net losses to SAR 6.86 million in Q1-17, versus SAR 3.67 million in Q1-16.

By the end of Wednesday’s trading session, MetLife’s stock inched up 0.05% to SAR 20.11.