Riyadh – Mubasher: Amana Cooperative Insurance Company on Thursday said that its accumulated losses were below 35% of the paid-up capital (34.77%) in the first quarter (Q1) of 2020.

The insurer attributed the decline in losses to the 7% annual increase in gross written premiums (GWPs) recorded during the three-month period ended 31 March, coupled with 69% higher revenue, according to a bourse statement.

In addition, the provision for doubtful debts was calculated based on due premiums.

In Q1-20, Amana Cooperative turned profitable, recording net profits before Zakat of SAR 2.4 million, versus net losses of SAR 20.7 million in Q1-19.