SAMA approves UCA request to use SAR 31.9 mln reserve to offset accumulated losses

Logo of United Cooperative Assurance Co. 

United Cooperative Assurance Co. (UCA) received, on July 8, Saudi Central Bank’s (SAMA) approval to use the company's statutory reserve of SAR 31.94 million to cover part of the accumulated losses amounting to SAR 137.02 million, as at the end of Q1 2021, the firm said in a statement to Tadawul.

The approval is not final and will be presented to the first extraordinary general assembly meeting.

UCA’s board of directors recommended, on June 2, the use of the company’s entire statutory reserve as of March 31, 2021, amounting to SAR 31.94 million, to cover part of the accumulated losses, Argaam reported.