Riyadh – Mubasher: Alinma Tokio Marine Company disclosed a 54.01% year-on-year increase ion losses during the third quarter of 2019, suffering SAR 7.27 million.

The company’s gross written premiums (GWP) declined by 16.83% to SAR 54.6 million in Q3-19, compared to SAR 65.75 million in Q3-18, according to a bourse statement on Wednesday.

“Increase in net loss for the current quarter compared with the same quarter of last year is due to Gross written premium lower by 16.8%, increase in premium deficiency reserve by 100% and increase in unit-linked reserves by 98%,” the company said.

For the first nine months of 2019, net losses of Alinma Tokio advanced by 33.24% to SAR 24.5 million, from SAR 18.38 million in the same period a year ago.

Year-on-year, Alinma Tokio’s GWP plunged by 14.4% to SAR 264.1 million during the nine-month period ended September.