UCA says accumulated losses down to 28.4% after use of statutory reserve

Logo of United Cooperative Assurance Co.

United Cooperative Assurance Co. (UCA) said its accumulated losses decreased to 28.4%, from 36.39%, of its capital, after the general assembly approved using SAR 31.94 million from the statutory reserve to partially offset accumulated losses. 

The company’s accumulated losses fell to SAR 113.6 million from SAR 145.55 million, according to its financial results for period ended June 30, 2021. 

There is no impact from the use of the company's statutory reserve on its financial obligations, the insurer said. 

In June, UCA’s board of directors recommended to use the company’s statutory reserve, amounting to SAR 31.94 million, to offset part of the accumulated losses, Argaam reported.