Salama Insurance Accumulated Losses Reaches 34.82% of Capital

SALAMA Cooperative Insurance Company announced on Tuesday its accumulated losses amounted to 34.82% from the capital of 250,000 thousand Saudi riyals.

This is based on the unaudited financial results for the third quarter as on 30 September 2021.

“The amount of the Accumulated Losses reached SR87,047 Thousand.” It said.

The major reasons leading to the losses            were the increase in net claims incurred and decrease in other underwriting income.

“The procedures and instructions applicable on companies listed in Saudi capital market whose accumulated losses reach 20% or more out of the capital thereof will be applied.” it concluded.