Allianz SF reports higher value of investment in Najm

09/04/2023 Argaam
Logo ofAllianz Saudi Fransi Cooperative Co.

Logo of Allianz Saudi Fransi Cooperative Co.

Allianz Saudi Fransi Cooperative Insurance Co. (Allianz SF) reported 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.

 

Allianz SF 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 (financial instruments) 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 interim financial statements for Q1 2023, the company concluded.

Comments {{getCommentCount()}}

Be the first to comment

{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
{{comment.Replies.length}}
تعديل
loader Train
Report
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.