Riyadh – Mubasher: Al Ahlia Insurance Company on Sunday announced that it has turned to losses in the first quarter of 2019.

Net losses before tax recorded SAR 50,000 in Q1-19, against a profit of SAR 7.2 million during Q1-18, according to the company’s filing to the Saudi Stock Exchange (Tadawul).

The Saudi insurer’s net written premiums increased by 23.3% year-on-year to SAR 37.2 million during the first three months of 2019.

The company ascribed Q1-19 losses to an increase in net incurred claims and a decrease in profit for shareholders investments, combined with a rise in doubtful debt expense.