Gulf Union Cooperative Insurance Co. was advised on May 1 by an actuarial expert to increase its technical reserves by SAR 27.5 million, the insurer said in a statement to Tadawul.

 

The increase is expected to negatively impact the firm’s financial results for Q1 2019.

 

The additional technical reserves will have a material impact on financials, the insurer said, adding that this statement comes in compliance with the market transparency rules.

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