Riyadh – Mubasher: Saudi Enaya Cooperative Insurance Company suffered a net loss before zakat worth SAR 10.2 million over the first quarter (Q1) of 2020, 41.7% less than SAR 17.6 million in the same period a year earlier.

Net written premiums (NWP) soared by 142% in the January-March period, reaching SAR 60.9 million when compared to SAR 25.1 million, according to a disclosure to the Saudi stock exchange (Tadawul) on Monday.

The drop in losses is largely attributed to an improvement in net underwriting result by SAR 5.5 million and a higher reversal in provision for doubtful debts by 231.6%.

Quarter-on-quarter (QoQ), the company’s general and administrative expenses were decreased by 23.7%, the statement added.