SAICO Proposes Using Statutory Reserve to Offset Accumulated Losses

The Saudi Arabian Cooperative Insurance Company (SAICO) announced that its Board of Directors, in a recommendation dated November 12, 2024, has proposed to the Extraordinary General Assembly the use of SAR 39.09 million from the company’s statutory reserve balance of SAR 43.69 million. This amount is intended to offset accumulated losses totaling SAR 39.09 million, which constitute 13.03% of the company’s capital, based on the interim financial statements for the period ending September 30, 2024.

The recommendation is subject to approval by the company’s Extraordinary General Assembly and pending necessary clearances from relevant regulatory authorities.