Riyadh-Mubasher: Sanad Cooperative Insurance said, in a bourse filing on Monday that accumulated losses reached SAR 169 million ($45.06 million) until the end of February 2016, representing 84.54% of capital.
The insurer recorded SAR 2.4 million ($0.64 million) in net losses before zakah in February. Thus, its net losses during the first two months of 2016 reached SAR 3.17 million ($0.85 million).
In January, Sanad’s accumulated losses reached SAR 168.7 million ($44.98 million), or 84.37% of capital.
