Gulf Union transfers losses to SAR 17.6 mln retained earnings

Gulf Union Cooperative Insurance Co. has offset its SAR 73.6 million accumulated losses, which accounted for 33.5 percent of capital, and booked it to SAR 17.58 million retained earnings.

The losses were offset as the insurer cut its capital after obtaining regulatory approvals and reported higher operating surplus.

Gulf Union’s general assembly approved last month a 31.82 percent capital reduction to SAR 150 million from SAR 220 million to offset accumulated losses.