SAICO sees accumulated losses down to 32.26% of capital

Logo of Saudi Arabian Cooperative Insurance Co. (SAICO)

Saudi Arabian Cooperative Insurance Co. (SAICO) announced that its accumulated losses narrowed to SAR 96.72 million, or 32.26% of its SAR 300 million capital, according to a statement on Tadawul.

Accumulated losses declined mainly driven by the improved financial performance in Q2 2023, the statement said.

The company’s board of directors and executive management continue to improve its insurance service results, control operating expenses, enhance the collection of premiums, in addition to other measures to restore its financial position.

The procedures and instructions of listed companies in Tadawul, whose accumulated losses amounted to 20% to 35% of their capital, will continue to be applied, the statement added.