Logo of Arabia Insurance Cooperative Co.
Arabia Insurance Cooperative Co. (AICC) intends to raise its capital by 100% to SAR 530 million from SAR 265 million.
The capital hike will be through offering 26.5 million rights issue at a nominal value of SAR 10 per share.
Since the beginning of 2008, AICC focuses on insurance activities, as it enjoyed major shareholders’ support. It has a bundle of strengths and competitive advantages, including product diversity, a well-known regional trade name and a close relationship with reinsurance companies.
The company’s activities are represented in practicing cooperative insurance business through saving and protection, health, and general insurance.
The following table shows the company’s revenue by insurance businesses for the recent three years:
|
AICC’s revenue by insurance segment since 2019 (SAR mln) |
|||
|
Insurance Segment |
2019 |
2020 |
2021 |
|
Health |
161 |
129 |
166 |
|
Motor |
106 |
130 |
145 |
|
Property/Fire |
22.6 |
35.5 |
55 |
|
Engineering |
16 |
25 |
19 |
|
Marine |
11 |
10 |
13 |
|
Other |
14.5 |
15.6 |
24 |
|
GWP |
332.4 |
346.4 |
422.3 |
The company indicated that its strategy is to seek growth and achieve returns for its shareholders through providing insurance services at reasonable prices, obtaining the best technologies for business, applying them and developing them continuously.
It invests in highly experienced human resources and develops their performance.
AICC targets a wide geographical spread by opening several sales centers that provide insurance services throughout the Kingdom, as well as enhancing the level of customer interest, especially individuals and SMEs.
AICC’s subscription to new shares and rights trading began on Nov. 27 and will end on Dec. 4. Subscription to the new shares will close on Dec. 7.
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