Alinma Tokio says accumulated losses down to 27.11% of capital

09/07/2023 Argaam

Alinma Tokio says accumulated losses down to 27.11% of capital

Logo of Alinma Tokio Marine Co.

Alinma Tokio Marine Co. announced that its accumulated losses, as of March 31, 2023, decreased to 27.11% of capital, to stand at SAR 81.33 million after reduction.

 

The drop was attributed to adopting IFRS 17 (Insurance Contracts) and IFRS 9 (Financial Instruments), as endorsed in Saudi Arabia, starting from Jan. 1, 2023, with retrospective application, which has materially changed the presentation of the financial results for periods starting Q1 2023 onwards with the comparative periods restated under the new standards, the insurer said in a statement on Tadawul.

 

Procedures applied to Saudi-listed companies with cumulative losses amounting to 20% or more of their capital will continue to be imposed, the statement added.

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