UCA aims to turn profitable by year-end, says CEO

United Cooperative Assurance Co. (UCA) aims to turn profitable before the end of this year, CNBC Arabia reported, citing acting chief executive officer Faker Rais.

Rais ruled out plans to secure bank loans or increase capital, noting that UCA holds a solvency margin of 145 percent that will help the company survive the future challenges.

“The company currently focuses on internal controls, compliance with the central bank’s regulations, in addition to diversifying insurance products,” Rais said.

Rais does not expect unified health insurance policy to lead to an increase in the medical insurance coverage prices, as prices depend mainly on the new coverage framework.

“The insurer provides a medical insurance coverage of around SAR 80 million,” Rais said, expecting further growth after the implementation of the new insurance policy amendments.

UCA owns less than 2 percent market share as the company was banned by the Saudi insurance regulator several times, he added.