Riyadh – Mubasher: Amana Cooperative Insurance Company turned to a net loss of SAR 30.7 million during the third quarter (Q3) of this year, versus a net profit of SAR 1.99 million in the same quarter in 2019.

The move to losses during Q3-20 is owed to an increase in the net claims incurred by 85.3% and a rise in the excess of loss expenses by 1,155%, coupled with a lower other underwriting income by 84%, according to a bourse statement on Sunday.

During the nine-month period ended in September, Amana incurred a loss of SAR 23.5 million, an increase of 1.7% when compared to SAR 23.1 million in the prior-year period.