Saudi Enaya says accumulated losses hit 25.8% of capital

Logo of Saudi Enaya Cooperative Insurance Co.

Saudi Enaya Cooperative Insurance Co. announced that its accumulated losses reached 25.77% of its capital as of Sept. 30, 2024, amounting to SAR 59.26 million.

In a statement on Tadawul, the company attributed these accumulated losses to the operating losses incurred during the previous years, in addition to higher technical reserves and lower written premiums during 9M 2024.

Saudi Enaya will apply the procedures and instructions for companies whose shares are listed on the Saudi Exchange (Tadawul) and whose accumulated losses amount to 20% or more of the capital.

According to data compiled by Argaam, the insurer narrowed losses to SAR 17.4 million for the first nine months of 2024, from SAR 19.4 million in the year-earlier period. Losses for Q3 2024 reached SAR 15.2 million.