Riyadh – Mubasher: Walaa Cooperative Insurance Company turned to net losses before Zakat worth SAR 13.32 million in the first half (H1) of 2021, against net profits of SAR 17.53 million in H1-20.
The company’s loss per share stood at SAR 0.32 in H1-21, versus earnings per share of SAR 0.21 in H1-20, according to the financial results n Thursday.
Net written premiums grew 20% to SAR 524.65 million in H1-21 from SAR 436.96 million in H1-20. In addition, net incurred claims soared by 70.5% to SAR 435.72 million from SAR 255.44 million.
During the second quarter (Q2) of 2021, Walaa Cooperative registered net profits before Zakat of SAR 10.53 million, lower by 62.8% than SAR 28.35 million in Q2-20.
Net written premiums increased by 44% to SAR 282.83 million in Q2-21 from SAR 196.07 million in Q2-20.
Net incurred claims also jumped 169% to SAR 221.23 million in Q2-21 from SAR 82.18 million in the same quarter last year.
On a quarterly basis, Walaa Cooperative turned profitable in Q2-21 against net losses of SAR 23.85 million in Q1-21, the net written premiums soared by 16% from SAR 241.81 million, and the net incurred claims went up 3% from SAR 214.48 million.
