MetLife AIG ANB’s accumulated losses cross 20% of capital

MetLife AIG ANB Cooperative Insurance Co. said that its accumulated losses as of July 31, 2019 reached SAR 180 million representing 20.2 percent of capital.

The company attributed the reason to the decrease of gross written premiums compared to the general and administrative expenses.

The decline in accumulated losses to 18.79 percent of capital as of June 30, 2019 is merely a temporarily decline resulting from the fluctuation in technical reserves as per the actuarial expert’s estimates, the company added.

The firm will now adhere to procedures and instructions of listed companies having accumulated losses of 20 percent or more of capital.