CMA extends Q1 2023 earnings disclosure deadline for insurers until July 2

Logo of Capital Market Authority (CMA)

The Capital Market Authority (CMA) extended the deadline for Tadawul-listed insurance companies to disclose Q1 2023 financial statements until July 2.

In a statement today, April 30, the market regulator said the decision aims to support all capital market participants. It was also driven by the challenges facing the insurance sector for applying International Financial Reporting Standard (IFRS) 17 “Insurance Contracts", and the request received from insurance executive committee to extend the deadline for disclosing the first-quarter results.

Trading on shares of any Tadawul-listed insurance services provider that has not disclosed Q1 2023 financial statements by July 2 will be suspended for one trading session following the end of the specified deadline. These stocks will restart trading on July 4 for 20 trading sessions.

Tadawul-listed insurance companies must disclose their interim financial statements during this period. Otherwise, their stocks will be re-suspended starting from Aug. 1, until they disclose the first-quarter results.