Riyadh – Mubasher: Buruj Cooperative Insurance Company suffered SAR 18.65 million losses during the third quarter of 2019, against profits of SAR 23.3 million in Q3-18.

Gross written premiums (GWP) of the Saudi insurance provider declined by 17.9% to SAR 58.57 million in Q3-19, compared to SAR 71.39 million in Q3-18, according to the company’s filing to the Saudi Stock Exchange (Tadawul) on Wednesday.

The company attributed the losses to the decrease in net earned premiums by 18.6% and an increase in net incurred claims by 105.8% mainly from the increase in the net change of outstanding claims.

During the nine-month period ended September, net profits of Buruj fell by 83.4% year-on-year to SAR 10.62 million.

Buruj’s GWP inched down by 2.21% to SAR 248 million in nine months, compared to SAR 253.7 million in the corresponding period of FY 2018.

By the end of September, profit per share recorded SAR 0.06, versus SAR 1.83 in September 2018.