Malath’s accumulated losses down to 18.5% of capital

Malath Cooperative Insurance Co.’s accumulated losses are down to SAR 22.18 million, representing 18.48 percent of capital, it said in a statement to Tadawul on Sunday.

Losses declined due to an improvement in insurance operations, lower incurred claims, and a drop in general and administrative expenses and technical reserves, the insurer said.

Malath Insurance reported a net profit of SAR 13.9 million in the first half of 2017, against net losses of SAR 126.8 million in the same period last year.

Second-quarter net profit before zakat reached SAR 5.03 million in Q2 2017, versus net losses of SAR 129.6 million in Q2 2016.