Salama’s accumulated losses shrink to 46.48% of capital

Logo of Salama Cooperative Insurance Co.

Salama Cooperative Insurance Co.'s accumulated losses shrank to 46.48% of its capital, which amounts to SAR 46.48 million, according to a statement to Tadawul today, Aug. 13.

This was mainly attributed to the company's improved financial performance during Q2 2023 and transitional benefits for the implementation of IFRS 17 standards, Salama said.

The board of directors and executive management continue to work on improving operational efficiency and optimizing costs to boost profitability, the insurer added.