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United Cooperative Assurance Co.’s (UCA) board of directors recommended on June 2, 2021, the use of the company’s entire statutory reserve as of March 31, 2021, amounting to SAR 31.94 million, to cover part of the accumulated losses.
The decision aims to cut the company’s accumulated losses from SAR 137.02 million as of March 31, 2021, 34% of the capital, to SAR 105.071 million (26% of the capital).
The decision will be submitted to the general assembly for approval after completing the statutory approvals from the relevant regulatory authorities, the insurer said in a bourse statement.
UCA will announce any fundamental developments at the time, the statement added.
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