Riyadh – Mubasher: Malath Cooperative Insurance Company has registered net losses before Zakat of SAR 24.93 million in the first half (H1) of 2022, an annual leap of 215.84% from SAR 7.89 million.

The loss per share enlarged to SAR 0.63 in H1-22 from SAR 0.29 in H1-21, according to the initial income statements.

Malath Cooperative reported negative incurred claims worth SAR 395.24 million in the first six months (6M) of 2022, higher by 35.16% year-on-year (YoY) than SAR 292.41 million.

The net written premiums (NWP) went down by 1.56% to SAR 435.85 million during the January-June 2022 period, compared to SAR 442.78 million in the year-ago period.

During the second quarter (Q2) of 2022, the company’s net losses before Zakat plunged by 54.23% to SAR 3.93 million from SAR 8.59 million in Q2-21.

The negative incurred claims widened by 14.30% YoY to SAR 182.73 million in April-June 2022, versus SAR 159.87 million.

Additionally, the NWP inched up by 0.37% to SAR 184.59 million in Q2-22, compared to SAR 183.91 million in Q2-21.

Meanwhile, the accumulated losses amounted to SAR 151.84 million as of H1-22, accounting for 30.37% of the SAR 500 million capital.

In the January-March 2022 period, the insurer turned into net losses before Zakat worth SAR 21 million, versus net profits of SAR 704,000 during the same period a year earlier.