Gulf Union Records Losses before Zakat of SR139 mln at End of 2021, Increase of 254%

Gulf Union Alahlia Cooperative Insurance Company records losses before zakat of SR139 million at the end of the year 2021, an increase of 254%.

This came after Gulf Union Alahlia Cooperative Insurance announcement on Thursday of the financial results for the period ending on 31.12.2021 (12 months).

The net profits of shareholders’ funds investments during the current period amounted to SR11 million, compared to SR5 million during the same period last year, a growth of 143%.

The loss per share during the current period amounted to SR6.15, compared to a loss of SR2.93 during the same period last year.

The main reason of the increase in losses before Zakat as following:

Increase in net claims and other benefits incurred to SR564.3 Million in 2021 compared to SR370.1 Million in 2020.

Increase in Policy acquisition costs to SR52.4 Million in 2021 compared to SR41.8 Million in 2020.

Increase in Changes in additional premium reserves to SR10.7 (expense) Million in 2021 compared to SR8.4 Million (Reversal) in 2020.

Increase in Changes in other technical reserves to SR6.7 Million in 2021 compared to SR4 Million in 2020.

Increase in Other underwriting expenses to SR7.9 Million in 2021 compared to SR2.7 Million in 2020.

Increase in General and administrative expenses to SR113.5 Million in 2021 compared to SR101.6 Million in 2020.

Decrease in other income to SR7.6 Million in 2021 compared to SR10.6 Million in 2020.