MetLife AIG ANB set to address accumulated losses before May 9

MetLife AIG ANB Cooperative Insurance Co.’s board of director will schedule an extraordinary general assembly before May 9 in order to address its accumulated losses, the insurer said in a bourse statement.

If the extraordinary general assembly fails to convene before May 9 or fails to take a decision to resolve the matter, the company shall be dissolved by law, according to Saudi insurance regulations.

Based on unaudited financial results as of February 2018, the insurer’s accumulated losses have exceeded 50 percent of capital, according to data compiled by Argaam.

 The losses stood at about SAR 180.7 million, or 51.6 percent of the firm’s capital of SAR 350 million.

Last month, the insurer’s board of directors had recommended a 48.57 percent capital reduction, with the aim to restructure the company’s capital to offset SAR 170 million in accumulated losses.