GIG notes increase in investment value in Najm

09/04/2023 Argaam
Logo ofGulf Insurance Group (GIG)

Logo of Gulf Insurance Group (GIG)

Gulf Insurance Group (GIG) announced a significant favourable impact of 4.2% in its net assets, due to an increase in the investments held in Najm for Insurance Services Co. (Najm).

 

In a statement to Tadawul, GIG indicated that it owns a 3.45% stake in Najm and this was recognized at SAR 1.

 

However, it will now be valued at a fair value estimated at SAR 39.7 million for the year ended Dec. 31, 2022.

 

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

 

GIG will recognize this increase in the net asset value of investments through other comprehensive income.

 

This will be reflected in the quarterly financial statements for the period ended March 31, 2023.

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