MedGulf to use SAR 120 mln of statutory reserve to offset accumulated losses

18/12/2019 Argaam

 

The board of directors of the Mediterranean and Gulf Cooperative Insurance and Reinsurance Co. (MedGulf) approved using SAR 120 million out of the total SAR 146.14 million statutory reserve to partially offset accumulated losses.

 

The Saudi insurer aims at reducing its accumulated losses from SAR 253.03 million, or 31.63% of the capital, to SAR 133.03 million, 16.63% of the total capital, according to a bourse filing on Wednesday.

 

The resolution will be submitted to the general assembly for approval, and further updates will be announced in due course, the statement added.

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