RIYADH: Wataniya Insurance Co. recorded a loss in 2021 as it witnessed a fall in underwriting income.
Its net loss stood at SR50 million ($13 million), compared to profits of SR15 million a year earlier, the Saudi-based insurer said in a statement.
This came due to a drop of 46 percent in underwriting income — the difference between premiums received on insurance policies and expenses and claims paid.
Higher expenses also weighed on the results of the insurer as they rose 4 percent during the year.
Established in 2010, Jeddah-based Wataniya Insurance provides insurance services to individuals and corporate customers across Saudi Arabia.
