Riyadh – Mubasher: Saudi Enaya Cooperative Insurance Company reported net losses before Zakat worth SAR 29.69 million in the first half (H1) of 2021, an increase of 147% from SAR 12.02 million in H1-20.

The loss per share deepened to SAR 2.08 in H1-21 from SAR 0.88 in H1-20, according to the financial results on Tuesday.

Net written premiums rose by 5.5% to SAR 91.87million in H1-21 from SAR 87.04 million in H1-20, while the net incurred claims declined marginally by 0.8% to SAR 73.01 million from SAR 73.6 million.

At the end of June this year, the accumulated losses amounted to SAR 60.47 million, representing 40.31% of the SAR 150 million capital.

In the second quarter (Q2) of 2021, Saudi Enaya registered more losses by 384% to SAR 8.56 million from SAR 1.76 million in Q2-20.

On a quarterly basis, the net losses in Q2-21 enlarged 59% from SAR 21.13 million in Q1-21.