Riyadh - Mubasher: Net losses before Zakat of Gulf Union Cooperative Insurance Company shrank by 83.1% on an annual basis during the first quarter (Q1) of 2020, standing at SAR 6.1 million from SAR 36.1 million.

Net written premiums (NWP) were down by 11.8% year-on-year (YoY) to reach SAR 98.1 million by the end of March 2020, compared with SAR 111.3 million, according to a stock exchange filing on Wednesday.

The decrease in Q1-20 losses was backed by the growth in the net earned premiums (NEP) by 72% or SAR 44,926 and the drop in changes in additional premium reserve by 116% or SAR 29,290.

This improvement was partially offset as the net claims incurred and other benefits increased by 55% or SAR 31,932, while costs of insurance documents rose by 69% or SAR 4,004, and other operating expenses increased by 58% or SAR 8,387.