Logo of United Cooperative Assurance Co.
United Cooperative Assurance Co. (UCA) announced a significant favourable impact of 18% in its net assets, due to an increase in the investments held in Najm for Insurance Services Co.
In a statement to Tadawul, UCA said it owns 3.45% of Najm shares, which has been so far measured at a cost amounting to SAR 1.9 million. However, UCA 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 independent valuation, under IFRS 9 Financial Instruments, as of Jan. 1, 2023.
UCA will recognize this increase in the net asset value of investments through other comprehensive income.
This will be reflected in the quarterly financial statements for the period ended March 31, 2023.
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