MetLife AIG ANB Cooperative Insurance Co. said its accumulated losses have reached SAR 112.92 million, accounting for 32.26 percent of its capital.
The insurer attributed these losses to higher cost of capital, increased pre-operating costs and higher G&A expenses, the company added in a statement to Saudi bourse, Tadawul.
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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