Salama’s accumulated losses reach 34.82% of capital

Logo of Salama Cooperative Insurance Co. 

Salama Cooperative Insurance Co. said its accumulated losses reached 34.82% of total capital, which amounts to SAR 250 million, based on the unaudited financial results for the period ended Sept. 30, 2021.

In a statement to Tadawul, the insurer said the accumulated losses amounted to SAR 87.05 million.

The main reason for the accumulated losses was an increase in net claims incurred and decrease in other underwriting income, the statement said.

The procedures and instructions related to listed companies with accumulated losses amounting to 20% or more of its share capital will apply.