Riyadh – Mubasher: Walaa Cooperative Insurance Company has incurred net losses before Zakat worth SAR 32.30 million during the first quarter (Q1) of 2022, an annual increase of 35.42% from SAR 23.85 million.

The loss per share stood at SAR 0.57 in Q1-22, higher than SAR 0.43 in Q1-21, according to the interim financial results on Sunday.

Meanwhile, the net written premiums (NWP) enlarged by 27.32% to SAR 307.89 million during the January-March 2022 period, versus SAR 241.81 million during the same period in the previous year.

In the first three months (3M) of 2022, the net incurred claims settled at SAR 274.27 million, a 27.87% year-on-year (YoY) increase from SAR 214.48 million.

On a quarterly basis, the net written premiums in Q1-22 inched up by 0.02% from SAR 307.83 million in Q4-21, while the net incurred claims declined by 6.39% from SAR 293.01 million.

The Saudi listed company recorded 51.31% lower losses in Q1-22 than SAR 66.36 million in Q4-21.

In 2021, the insurer registered net losses before Zakat of SAR 112.79 million, compared to net profits worth SAR 72.62 million in 2020.