ACIG reports higher value of investment in Najm

09/04/2023 Argaam
Logo ofAllied Cooperative Insurance Group

Logo of Allied Cooperative Insurance Group

Allied Cooperative Insurance Group (ACIG) announced an increase in value of investment in Najm for Insurance Services Co., which resulted in a material positive impact of 23% on the company’s net assets, according to a statement to Tadawul.  

 

ACIG said it owns 3.45% of Najm shares, which has been so far measured at cost amounting to SAR 1.92 million. However, ACIG will now recognize this equity at fair value of SAR 39.70 million for the year ended Dec. 31, 2022. 

 

This recognition is based on Najm independent valuation, under IFRS 9 Financial Instruments, as of Jan. 1, 2023. 

 

ACIG also indicated that it would recognize this increase in value of investment at fair value through other comprehensive income (FVTOCI), which will appear in Q1 2023 financials.  

Comments {{getCommentCount()}}

Be the first to comment

{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
{{comment.Replies.length}}
تعديل
loader Train
Report
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.