Solidarity Saudi Takaful Company’s losses during the first quarter were largely due to higher technical provisions, Badr Al Anazi, the company’s chief executive officer told CNBC Arabia.
Al Anazi added that the recommendation by an actuary to increase provisions by SAR 94 million took a toll on the insurance provider’s earnings.
The company is currently working on plans to trim losses this year, as well as the next three years. It’s also planning to diverse its portfolio.
According to data compiled by Argaam, Solidarity widened its losses to SAR 64 million during Q1-2015, from the SAR 41 million it lost during the same quarter last year.
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