ACIG’s accumulated losses reach 24.8% of capital

Logo of Allied Cooperative Insurance Group

Allied Cooperative Insurance Group (ACIG) said its accumulated losses reached 24.8% of total capital, which amounts to SAR 141 million, based on its unaudited financial results for the period ended Sept. 30, 2021.

In a statement to Tadawul, the insurer said the accumulated losses amounted to SAR 34.95 million.

The main reason for the accumulated losses was an increase in claims incurred and policies acquisition costs, the statement said.

The procedures and instructions related to listed companies with accumulated losses amounting to 20% or more of its share capital will apply.