The Company for Cooperative Insurance (Tawuniya) on Sunday reported turning to loss in the third quarter of 2018, against generating a profit during the year-ago period.
The Saudi Arabia-based insurer suffered a net loss of SAR 22.87 million ($6.10 million) before calculating Zakat during Q3-18, against a profit of SAR 159.71 million ($42.58 million) in Q3-17, according to a bourse filing.
The Saudi insurance firm attributed turning to loss to a 7.9% increase in net incurred claims, along with a 6.4% decline in net written premiums.
Quarter-on-quarter, Tawuniya turned to loss during the three-month period ended September, after logging a profit of SAR 38.27 million in Q2-18.
From January to September, the company’s net profits plunged 89.9% to SAR 57.33 million, from SAR 568.77 million during the same period last year.
Tawuniya’s stock levelled up 1.77% to close Sunday’s trading session at SAR 51.80.