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FINANCIAL NEWS
Saudi Trade Insurance Q3 net loss hikes 544%
21 Oct 2011
(MENAFN) Trade Union Cooperative Insurance Co. said that in the third quarter, net loss surged 544 percent from last year’s loss of USD519,274 to USD3.34 million, reported Arab News.
The company added that in the quarter, gross written premiums rose 9 percent to USD29.2 million compared with USD26.8 million recorded in 2010’s same period.
It also said that net claims hiked 38.5 percent from last year’s USD11.1 million to USD15.4 million.
It is worth noting that in the January-September period, net profit fell 17.5 percent to USD3.98 million compared with USD4.83 million in 2010’s same period.
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