SAICO reports higher value of investment in Najm using FMV accounting

09/04/2023 Argaam
Logo ogSaudi Arabian Cooperative Insurance Co.

 

Logo og Saudi Arabian Cooperative Insurance Co.

Saudi Arabian Cooperative Insurance Co. (SAICO) announced a material event with a positive impact represents 14.65% of its net assets, according to a statement on Tadawul. 

 

The insurer noted that it owns 3.45% stake in Najm for Insurance Services Co. which was historically carried at cost, amounting to SAR 1.92 million, will now be valued at fair value estimated at SAR 39.70 million for the year ended Dec. 31, 2022.

 

This was based on the independent valuation carried out by Najm following the adoption of IFRS 9 “Financial Instruments” effective Jan. 1, 2023.

 

The company will be accounting for this increase in the net asset value of investments through other comprehensive income.

 

The impact of this will be reflected in the quarterly financial statement for the period ending March 31, 2023, the statement added.

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