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Walaa Cooperative Insurance’s losses near SAR 28m in H1-22; accumulated losses unveiled

Walaa Cooperative Insurance’s losses near SAR 28m in H1-22; accumulated losses unveiled
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WALAA
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6.92% 14.84 0.96

Riyadh – Mubasher: Walaa Cooperative Insurance Company has registered net losses before Zakat of SAR 27.62 million in the first half (H1) of 2022, higher by 107.42% than SAR 13.32 million in H1-21.

The loss per share settled at SAR 0.53 in the first six months (6M) of 2022, versus SAR 0.32 in the year-ago period, according to the interim financial results.

Net incurred claims reached SAR 548.06 million in H1-22, an annual jump of 25.78% from SAR 435.72 million. The net written premiums (NWP) increased by 34.74% in January-June 2022 to SAR 706.90 million, compared to SAR 524.65 million in H1-21.

During the second quarter (Q2) of 2022, Walaa Cooperative Insurance generated SAR 4.68 million in net profit before Zakat, a 55.57% year-on-year (YoY) plunge from SAR 10.53 million.

The net incurred claims rose by 23.75% YoY to SAR 273.78 million in Q2-22 from SAR 221.23 million. Meanwhile, the Q2-22 net written premiums surged by 41.07% YoY to SAR 399 million from SAR 282.83 million.

The Saudi listed company suffered accumulated losses worth SAR 74.87 million as of H1-22, accounting for 11.58% of the SAR 646.39 million capital.

In the January-March 2022 period, the insurer’s net losses before Zakat enlarged by 35.42% to SAR 32.30 million, compared to SAR 23.85 million in Q1-21.