RIYADH: Al Sagr Cooperative Insurance Co. posted a narrower first-quarter loss as it worked to turn around its loss-making medical portfolio.
Net losses fell to SR39.9 million ($10.6 million) from SR58.4 million in the first quarter of 2020, but were higher than the SR30.3 million loss reported for the final quarter of last year, Al Sagr said in a filing to the Saudi stock exchange.
Gross written premiums dropped 29 percent from a year earlier to SR68.8 million and by 10.5 percent from the prior quarter.
“The main reason for reaching this level of accumulated losses since 2019 is the deterioration of performance and management of the health insurance portfolio which has resulted in substantial increase in the medical portfolio’s net claims and other benefits incurred,” Al Sagr said in the filing. “Hence, the company will be subject to Capital Market Authority’s (CMA) regulations regarding listed companies with accumulated losses exceeding 35 percent of capital or more.”
The company started a comprehensive review of its medical portfolio in the third quarter of 2020 and has already begun to implement its turnaround plan, it said, predicting an improved performance for the company toward the end of this year.
Al Sagr Insurance posts smaller loss as it grapples with health unit
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Al Sagr Insurance posts smaller loss as it grapples with health unit
- Q1 net loss fell to SR39.9 million from SR58.4 million a year earlier
- Accumulated net loss has exceeded 35 percent of capital
India seals $3bn LNG agreement with UAE
- Leaders hold talks to strengthen trade, defense ties
NEW DELHI, DUBAI: India signed a $3 billion deal on Monday to buy liquefied natural gas from the UAE, making it the Gulf country’s top customer, as the leaders of both countries held talks to strengthen trade and defense ties.
The agreement was signed during a very brief two-hour visit to India by UAE President Sheikh Mohammed bin Zayed Al-Nahyan for talks with Indian Prime Minister Narendra Modi.
They pledged to double bilateral trade to $200 billion in six years and form a strategic defense partnership.
Abu Dhabi state firm ADNOC Gas will supply 0.5 million tonnes of LNG a year to India’s Hindustan Petroleum Corp. for 10 years, the companies said.
ADNOC Gas said the agreement brings the total value of its contracts with India to over $20 billion.
“India is now the UAE’s largest customer and a very important part of ADNOC Gas’ LNG strategy,” the company said.
The UAE is India’s third largest trading partner and Sheikh Mohammed was accompanied by a government delegation that included his defense and foreign ministers. The two sides signed a letter of intent to work toward forming a strategic defense partnership, India’s Foreign Secretary Vikram Misri told reporters.
Misri, however, said that the signing of the letter of intent with the UAE does not mean that India will get involved in regional conflicts.
“Our involvement on the defense and security front with a country from the region does not necessarily lead to the conclusion that we will get involved in particular ways in the conflicts of the region,” he said.
