ACIG announces reduction of accumulated losses to 16.84% of capital

Allied Cooperative Insurance Group announced that its accumulated losses have decreased to 16.84% of its capital, amounting to SAR (49,004) thousand.

The reduction in accumulated losses is primarily attributed to the company’s financial performance improvement during 2023 and the first quarter of 2024, driven by increased insurance revenues and higher net investment returns.

The Board of Directors and Executive Management remain committed to enhancing operational efficiency and cost management to further increase profitability.