Riyadh – Mubasher: Saudi Enaya Cooperative Insurance Company (Enaya) on Tuesday reported a 1476% year-on-year hike in its losses for the first quarter of 2018.

Net loss amounted to SAR 103.3 million in Q1-18, compared to SAR 6.56 million during Q1-17, according to the company’s filing to the Saudi Stock Exchange (Tadawul).

The insurance company attributed the rise of its quarterly losses to an increase in technical reserves as recommended by its actuary to meet the potential claims.

The company’s accumulated losses reached SAR 149 million, representing 74.5% of the capital, according to the statement.

By the end of Monday’s session, Enaya’s stock declined 3.88% at SAR 13.64.