AXA uses SAR 150 mln from rights issue proceeds to boost solvency margin
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AXA Cooperative Insurance Co. (AXA Insurance) has allocated SAR 150 million out of the SAR 250 million in total proceeds generated from a recent rights issue to boost its solvency margin.
Around SAR 125 million went towards various investments, the company said in a statement to Tadawul.
The insurer also paid SAR 50 million as part of a deal to buy an insurance portfolio, while SAR 40 million was spent on the establishment of the company’s headquarters, as well as other infrastructure.