Alinma Tokio Marine records higher value of Najm stake

09/04/2023 Argaam
Logo ofAlinma Tokio Marine Co.

Logo of Alinma Tokio Marine Co.

Alinma Tokio Marine Co. reported a significant favorable impact of 19% on net assets, driven by an increase in the value of investment held in Najm for Insurance Services Co.

 

In a statement to Tadawul, the company said it owns 3.45% of Najm, which was historically carried at cost of SAR 1.9 million.

 

Alinma Tokio Marine will now recognize this rise at fair value of SAR 39.7 million for the year ended on Dec. 31, 2022.

 

This recognition is based on the independent valuation carried out by Najm following the adoption of IFRS 9 effective Jan. 1, 2023.

 

The insurance services provider will recognize this increase in the net asset value of investments through other comprehensive income.

 

The impact of this will be reflected on the condensed financial statements for Q1 2023, the company concluded.

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