GULF UNION REINFORCES ITS TECHNICAL RESERVE FOR 2013

16/01/2014 Tadawul

Gulf Union Cooperative Insurance Company (GUCIC) announces that it has provided for additional Technical Reserve of SR 11.9 million. The additional reserve is based on the report of independent actuary dated December 15, 2014, in accordance with SAMA Implementation Regulations for Insurance Companies. Consequently, this additional reserve will impact negatively on the company's Financial Statements for the 4th quarter and year ended December 31, 2013. This additional reserve would enhance the company's ability to meet its obligations in the future.

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