Riyadh – Mubasher: Saudi Enaya Cooperative Insurance Company’s net losses before Zakat amounted to SAR 1.77 million in the second quarter (Q2) of 2020, a decline of 93.6% when compared to SAR 27.7 million in the same period in 2019.
Net written premiums (NWP) were SAR 26.1 million in Q2-20, down by 33.25% year-on-year (YoY), according to a bourse disclosure on Thursday.
The drop in losses was driven by an improvement in net underwriting results by 166% and the share of surplus from Umrah product totalled SAR 1.48 million.
These rises were partially offset by a higher provision for doubtful debts by SAR 1.440 million.
In the first half (H1) of 2020, net losses shrank by 73.5% to stand at SAR 12 million from SAR 45.3 million in H1-19.
