RIYADH: Several Saudi-listed insurers announced earnings on Wednesday with two industry players suffering losses in 2021, as the rise in net claims sapped their earnings.
Saudi Arabian Cooperative Insurance Co. swung to a net loss of SR55 million ($14 million), while United Cooperative Assurance Co.'s full-year losses widened by 313 percent to SR65 million, according to a bourse filing.
While both companies blamed the drop in their bottom line on an increase in claims, the decrease in earnings from policyholders' and shareholders' investments also weighed on United Cooperative Assurance Co.
In contrast to other insurers, Saudi Enaya Cooperative Insurance Co. bucked the trend reporting an 81 percent increase in profit to $57 million.
Following the announcement, shares of Enaya rose 2.17 percent at SR28.25 in early trading, while shares of SAICO edged down 1.50 percent at SR19.70, and UCA dipped 0.32 percent at SR30.80.