AXA uses SAR 150 mln from rights issue proceeds to boost solvency margin

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.