SAICO BOOSTS ITS TECHNICAL RESERVE FOR 2013 BY SAR 16.6M

15/01/2014 Tadawul

Saudi Arabian Cooperative Insurance Company (SAICO) announces that it has assigned an additional Technical Reserve of SR 16.6 Million. This reserve is based on the independent actuary study dated Wednesday 15/01/2014, in accordance with SAMA Implementation Regulations for Insurance Companies. Consequently, this additional reserve will impact negatively on the company's Financial Statements for the 4th quarter in the financial period ended 31/12/ 2013. Note that this additional reserve provisions will enable the company to raise its efficiency and its ability to meet its obligations in the future.

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