Saudi Arabia: Solidarity's losses hit US$89 mln
Source: Middle East Insurance Review | Oct 2015
Solidarity Saudi Takaful registered accumulated losses of SAR332.2 million (US$88.5 million) for the period ended 31 August, or 59.85% of its capital in the eight-month period.
During the first eight months of 2015, the company posted a SAR62.6 million deficit in operating results, SAR216.7 million in GWP and SAR 153.7 million in net written premiums.
Net incurred claims in the same period reached SAR122.3 million, while loss per share before zakat amounted to SAR1.01.
SAR1 = US$0.27