SAICO accumulated losses decreased to 32.26% of capital

Saudi Arabian Cooperative Insurance Company announced a decrease in its accumulated losses to 32.26% of the capital, explaining that the amount of accumulated losses is currently 96.7 million riyals.

The company attributed the reasons for the decrease in accumulated losses mainly to the improvement in its financial performance during the second quarter of 2023.

According to the statement published on “Tadawul”, the company, represented by the Board of Directors and the executive management, continues to work to improve the results of insurance services, control its operational costs, and improve the percentage of insurance premium collection, in addition to other necessary measures in order to restore its financial position.

While the procedures and instructions for companies whose shares are listed on the market, whose accumulated losses amounted to 20% or more, and less than 35% of their capital, will be applied.a