SAICO recommends using statutory reserve to offset accumulated losses

Logo of Saudi Arabian Cooperative Insurance Co. (SAICO) 

Saudi Arabian Cooperative Insurance Co.’s (SAICO) board of directors recommended, on Nov. 12, to use SAR 39.09 million from the total statutory reserve balance of SAR 43.69 million, to offset accumulated losses.

SAICO’s accumulated losses as of Sept. 30, 2024, stood at SAR 39.09 million, which represents 13.03% of the capital.

In a statement to Tadawul, the insurer said the recommendation will be submitted for approval during the extraordinary general assembly (EGM), obtaining the required approvals from the relevant regulatory authorities.

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SAICO will announce any fundamental developments in due course, the statement added.