Riyadh – Mubasher: Wataniya Insurance Company recorded an annual drop in losses of 18.7% during the third quarter (Q3) of the year to SAR 4.7 million, compared with SAR 5.7 million in the same period in the previous year.

The decrease in quarterly loss was backed by lower impairment allowance for doubtful premiums, reinsurance, and other receivables by SAR 1.90 million, according to a bourse filing on Thursday.

During the first nine months of the year, the insurer moved to net profits of SAR 1.7 million, against net losses of SAR 12.8 million in the prior-year period.