Al Ahlia for Cooperative Insurance Co. said its accumulated losses reached SAR 56.9 million, accounting for 35.6 percent of capital.
The losses were driven by higher technical provisions, increased doubtful loan provisions, in addition to an increase in general and administrative (G&A) expenses, the insurer added in a statement to the Saudi bourse (Tadawul).
Last month, Al Ahlia’s accumulated losses dropped below 50 percent to SAR 59.9 million, or 35.56 percent, mainly due to its capital cut in February.
The Saudi insurer will be subject to the CMA’s new rules governing listed companies with accumulated losses of more than 20 percent of their capital, as of April 22, 2017.
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