Riyadh – Mubasher: MetLife AIG ANB Cooperative Insurance’s unaudited financial results of July 2019 showed that the company’s accumulated losses amounted to 20.20% of its SAR 180 million capital.
The decline in the company’s accumulated losses below 20% to reach 18.79% as at 30 June 2019 is temporary and unsustainable due to fluctuation in the value of provisions, MetLife said in a bourse statement released on Thursday.
The insurer ascribed its losses to “lower written premiums compared to the amount of general and administrative expenses.”
During the full fiscal year 2018, MetLife reported a 61.4% year-on-year decrease in losses, recording SAR 22.3 million.
