Riyadh – Mubasher: The Company for Cooperative Insurance (Tawuniya) on Sunday reported a 45.6% year-on-year increase in net losses during the full-year 2018.

Tawuniya’s net losses before calculating zakat reached SAR 213.34 million ($56.84 million) last year, compared to SAR 146.54 million ($39.04 million) in 2017, according to the company’s statement to the Saudi Stock Exchange (Tadawul).

The 2018 loss growth was attributed to a 44.99% year-on-year drop in net profits from investments, the Saudi insurer added.

Meanwhile, net earned premiums also fell 3.24%, while net incurred claims dropped by 3.55% in 2018.

During the fourth quarter of 2018, the Saudi insurance firm’s losses fell 62.2% to SAR 270.67 million, compared to SAR 715.32 million in the year-ago period, according to statistics conducted by Mubasher.

During the January-September period of 2018, Tawuniya’s profits dipped 89.9% to SAR 57.33 million from SAR 568.77 million in the corresponding period a year earlier.

Tawuniya’s stock went down 0.7% to close Thursday’s trading session at SAR 58.10.