Wafa Insurance gets SAMA nod for capital cut

Saudi Indian Co. for Cooperative Insurance (Wafa) has received the Saudi Arabian Monetary Authority’s (SAMA) approval on its proposed capital cut.

The company will complete all other regulatory approvals and processes in due course, the insurer said in a bourse statement on Tuesday.

Last month, Wafa’s board of directors recommended an 18.03 percent capital reduction to SAR 100 million from SAR 122 million to offset accumulated losses and support future growth.