AICC reports higher investment value in Najm

09/04/2023 Argaam

Arabia Insurance Cooperative Co. (AICC) reported an increase in the value of investment held in Najm for Insurance Services Co.

 

The company owns 3.45% of Najm, which was historically carried at cost of SAR 1.9 million.

 

AICC will recognize this rise at fair value of SAR 39.7 million for the year ended on Dec. 31, 2022, according to a statement to Tadawul.

 

This recognition is based on the independent valuation carried out by Najm following the adoption of IFRS 9 effective Jan. 1, 2023.

 

Arabian Shield will recognize this increase in the net asset value of investments through other comprehensive income.

 

The impact of this will be reflected on its Q1 2023 financial statements.

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