Tawuniya , technical reserves behind the losses

In 2013,Tawuniya posted a loss of 564.22 million SAR (150.45 million USD) before tax (zakat), whereas in 2012 net profits worth 351.5 million SAR (93.84 million USD) had been reached . The fourth quarter was strongly negative.

According to the insurer, such losses are accounted for by an increase in technical reserves. Gross written premiums amounted to 5.60 billion SAR (1.49 billion USD) in 2013 compared to 5.63 billion SAR (1.5 billion USD) in 2012. Net incurred losses jumped by 51% at 4.88 billion SAR (1.3 billion USD).