Riyadh – Mubasher: The interim financial statements of Malath Cooperative Insurance Company showed a 39.2% annual plunge in profits during the first quarter (Q1) of 2020.

The net profit before Zakat amounted to SAR 3.99 million over Q1-20, compared with SAR 6.57 million in the same quarter a year earlier, according to a stock exchange statement on Thursday.

Meanwhile, net written premiums (NWP) recorded SAR 213.3 million, down by 36.2% from SAR 334.5 million.

The insurer ascribed the decrease in Q1 earnings to lower gross written premiums (GWP) by 33%, higher net claims incurred by 18%, coupled with higher underwriting expenses by 29%.