Gulf General Cooperative Insurance Company has suffered net losses before Zakat of SAR 34.60 million during the first half (H1) of 2022, down 19.76% from SAR 43.12 million in H1-21.
The loss per share stood at SAR 0.74 in the first six months (6M) of 2022, lower than SAR 2.21 in the year-ago period, according to the interim financial results.
Furthermore, the net incurred claims reached SAR 102.18 million during the January-June 2022 period, an annual slide of 3.80% from SAR 106.22 million.
The company’s net written premiums (NWP) enlarged by 17.64% year-on-year (YoY) to SAR 176.39 million in H1-22, versus SAR 149.94 million.
During the second quarter (Q2) of 2022, the net losses before Zakat of Gulf General plummeted by 16.13% to SAR 16.53 million, compared to SAR 19.71 million in Q2-21.
The net incurred claims declined by 9.70% YoY to SAR 49.30 million in Q2-22 from SAR 54.60 million, while the NWP jumped by 33.98% YoY to SAR 61.49 million from SAR 45.89 million.
Meanwhile, the Saudi insurer registered accumulated losses worth SAR 168.68 million as of H1-22, accounting for 33.74% of the SAR 500 million capital.
In January-March 2022, Gulf General incurred net losses before Zakat of SAR 18.07 million, a plunge of 22.82% from SAR 23.41 million in Q1-21.