Al Alamiya Insurance turns to SR28 mln loss in 2021

Al Alamiya for Cooperative Insurance Co. has reported losses of SR 28 million in 2021 from profits of SR 1.5 million in 2020, according to the company’s financial result statement published on Tadawul.

Net profit of shareholders capital investment declined 26% to SR 5 million last year from SR 7 million the year earlier.

Al Alamiya for Cooperative Insurance reported a loss per share at SR 0.88 from SR 0.15 in 2020.

Turning to net losses after zakat and tax was due to higher net claims incurred, higher other underwriting expenses, lower investment income, lower reinsurance commissions and lower other income. This loss is partly offset by higher net premiums earned, lower policy acquisition costs, lower general and administrative expenses, and lower allowance for doubtful debts.