Amana Cooperative Insurance: 2020’s results

Amana Cooperative Insurance has published the results of 2020. The turnover stood at 329.519 million SAR (87.75 million USD) compared to 248.054 million SAR (66.05 million USD) in 2019, thus increasing by 32.8%.

As of 31 December 2020, the Saudi insurer recorded a net loss before zakat of 57.273 million SAR (15.25 million USD). In 2019 also the company posted 27.706 million SAR (7.37 million USD) of losses.

Such downgrading results are mainly due to the increase in the incurred losses and provisions for doubtful receivables.

The net incurred losses increased by 40.3% from 150.83 million SAR (40.16 million USD) in 2019 to 211.68 million SAR (56.37 million USD) in 2020.