Logo of Wataniya Insurance Co.
Wataniya Insurance Co. announced a significant favourable impact of 10% in its net assets, due to an increase in investments held in Najm for Insurance Services Co.
In a statement to Tadawul today, April 9, Wataniya said it owns 3.45% of Najm’s shares, which are so far valued at SAR 1.9 million.
However, Wataniya will now recognize this equity at a fair value of SAR 39.7 million for the year ended Dec. 31, 2022.
This recognition is based on Najm’s independent valuation, under IFRS 9 Financial Instruments, as of Jan. 1, 2023.
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