Mubasher: Allied Cooperative Insurance Group (ACIG) said that its accumulated losses reached SAR 73.796 million which accounts for 36.90% of the capital, according to a bourse statement issued on Wednesday.
The accumulated losses resulted from higher technical provisions, negative impact from liabilities, and higher doubtful loans.
ACIG said it will disclose the procedures of reducing the accumulated losses to below 35%. Working with such procedures will be effective starting from 22 April 2017.
At the stock level, ACIG closed Wednesday’s session 0.76% lower at SAR 14.35.
