Gulf General Cooperative Insurance Co. announced a positive impact representing more than 14.12% of its net assets, due to an increase in the value of its investment in Najm for Insurance Services Co. (a closed joint stock company).
In a statement to Tadawul, the insurer noted that it holds 3.45% stake in Najm, which in the past at cost amounted to SAR 1.92 million, but will now be valued at fair value estimated at SAR 39.7 million for the year ended Dec. 31, 2022.
This recognition is based on Najm independent valuation, under IFRS 9 Financial Instruments, as of Jan. 1, 2023.
The company will be accounting for this increase in the net asset value of investments through other comprehensive income.
The impact will reflect on Q1 2023, the statement added.
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