Amana Insurance reports higher value of investment in Najm

09/04/2023 Argaam

Amana Insurance reports higher value of investment in Najm

Logo of Amana Cooperative Insurance Co.

Amana Cooperative Insurance Co. reported a significant favorable impact of 16.13% on net assets, driven by an increase in the value of investment held in Najm for Insurance Services Co.

 

In a statement to Tadawul, the company said it owns 3.45% of Najm, which was historically carried at cost of SAR 1.9 million.

 

Amana Insurance will now recognize this rise at fair value of SAR 39.7 million for the year ended on Dec. 31, 2022.

 

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

 

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

 

The impact of this will be reflected on the financial statements for Q1 2023, the company concluded. 

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