UCA’s accumulated losses reach 22% of capital

United Cooperative Assurance (UCA) said on Sunday that its accumulated losses reached SAR 87.9 million, or 22% of capital amounting to SAR 400 million as on Sept. 30, 2020.

The losses were mainly attributed to an increase in net incurred claims and higher doubtful debt provisions, the insurer said in a statement to Tadawul.

The rules set by Saudi Arabia’s Capital Market Authority (CMA) governing listed companies with accumulated losses of 20% minimum will apply to UCA.

UCA posted SAR 13.2 million losses for Q3 2020, according to data compiled by Argaam.