Riyadh – Mubasher: Salama Cooperative Insurance Company announced swinging to losses during the third quarter of 2019.

The insurance firm incurred net losses of SAR 14.31 million in the three-month period ended 30 September, against net profits of SAR 5.827 million in the year-ago period, according to a statement to the Saudi Stock Exchange (Tadawul) on Sunday.

In the meantime, gross written premiums (GWP) dipped to SAR 95.15 million in Q3-19 from SAR 152.99 million in Q3-18.

Quarter-on-quarter, the company’s losses fell from SAR 35.37 million in Q2-19.

As for the first nine months of 2019, the insurance company turned to losses of SAR 64.27 million, versus net profits of SAR 22.14 million in the prior-year period.

The company’s GWP plunged to SAR 383.56 million in the January-September period of 2019, compared to SAR 623.5 million in the same period of 2018.