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SABB Takaful turns to loss in Q4

SABB Takaful turns to loss in Q4
The firm attributed the fourth-quarter losses to a decline in gross written premiums
SABB TAKAFUL
8080
-2.87% 11.50 -0.34

Riyadh – Mubasher: SABB Takaful on Sunday said that it turned to loss during the fourth quarter of 2017, against posting profits in the same period the year before.

The Saudi Sharia-compliant insurer's losses amounted to SAR 11.45 million in Q4-17, against SAR 2.5 million in profits during Q4-16, according to a bourse filing.

The firm attributed the fourth-quarter losses to a decline in gross written premiums due to prohibiting SABB Takaful from issuing or renewing protection and saving policies.

The company incurred SAR 5.5 million in losses during the full-year 2017, against profits worth SAR 11.86 million in the year before. 

By 12:48 pm KSA time, SABB Takaful’s stock decreased 4.60% to SAR 22.80.