Gulf Union hikes technical reserve by SAR 3.2 mln

15/01/2015 ِArgaam
Gulf Union Cooperative Insurance Co. approved on Thursday an independent actuary's report recommending increasing its technical reserve by SAR 3.2 million, the company said.
 
The step came in line with Saudi Arabia’s central bank’s Implementation Regulations for Insurance Companies, according to the company's filing on Tadawul, Saudi’s bourse.
 
The additional reserve will have a negative impact on the company' s financial statements for fourth quarter of 2014 and the full fiscal year. However, it is projected to enhance the company's ability to meet its obligations in the future.

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