Riyadh-Mubasher: Saudi Enaya Cooperative Insurance said its accumulated losses amounted to SAR 205.1 million as on 31 January 2016, which represents 51.28% of paid-up capital.
The accumulated losses are mainly attributed to the pre-incorporation expenses incurred by the company, the delay in commencement of commercial operations and slow market penetration during the start-up phase, the company said in a bourse statement.
The insurer, however, maintains a sound liquidity and solvency position.
