MetLife AIG ANB says accumulated losses hit 21% of capital

MetLife AIG ANB Cooperative Insurance Co.'s (MetLife AIG Alarabi) accumulated losses stood at 20.99 percent of the SAR 180 million in capital as per April 2019 unaudited financial results, the company said in a statement to Tadawul on Wednesday.

The company attributed these losses to lower written premiums compared to the general and administrative expenses (G&As)

Therefore, market procedures and instructions of listed companies with accumulated losses of 20 percent or more of its capital will be applied to the Saudi insurer.