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Wataniya Insurance posts SAR 15m losses in Q2

Wataniya Insurance posts SAR 15m losses in Q2
The company incurred SAR 15 million in losses in Q2-19
WATANIYA
8300
-1.37% 15.80 -0.22

Riyadh – Mubasher: Wataniya Insurance Company announced its initial financial statement for the second quarter of 2019.

The company incurred SAR 15 million in losses in Q2-19, against profits of SAR 7.9 million in Q2-18, according to a filing to the Saudi Stock Exchange (Tadawul) on Tuesday.

The company attributed the losses to the increase in the net claims incurred by SAR 52.4 million over the quarter.

The company’s gross written premiums (GWP) jumped by 26.4% year-on-year to SAR 207.9 million during the three-month period between April and June.

For the first half of 2019, net losses of the insurance firm reached SAR 7 million, versus profits of SAR 19.7 million in H1-18.

GWP rose by 10.6% to SAR 478.8 million during the six-month period between January and June, from SAR 432.5 million in the same period of the previous year.