Al-Etihad obtains Insurance Authority approval to increase capital

Al-Etihad Cooperative Insurance Company announced on Sunday the receiving Insurance Authority approval to increase the company’s capital from (SAR 450,000,000) to (SAR 500,000,000) by capitalising the amount of the increase (SAR 50,000,000) through Retained Earnings.

The letter also included the Insurance Authority’s no objection to the amendment of the “capital article” in the company’s Bylaws to the new capital provided that the company fulfils all the requirements from other authorities. The approval is valid for one year from its date to complete the capital increase process.