Riyadh – Mubasher: Salama Cooperative Insurance Company has incurred SAR 25.4 million in net losses before Zakat during the first quarter (Q1) of 2020, 74.2% more than SAR 14.5 million in the same period in 2019.

Net written premiums (NWP) shrank by 44.1% on an annual basis, reaching SAR 73.2 million in the first three months of 2020 from SAR 131.2 million, according to a stock exchange filing on Sunday.

The increase in losses is ascribed to a drop in net earned premiums (NEP) by 40% and higher net losses of policyholders and shareholders’ investment by 120% and 130%, respectively. This was partially offset by lower net claims incurred by 38%.