First quarter losses at Solidarity Saudi Takaful Co. (SSTC) only accounted for 33 percent of the insurer's capital, Khalid Bin Talal Bin Abdul Aziz, the company’s chairman said on Twitter.
Stressing that he would not walk away from the company, he assured shareholders that they would not be impacted by financial losses.
He added that he expects Solidarity to swing to a profit in the coming months.
According to data compiled by Argaam, Solidarity widened its losses to SAR 64 million during Q1-2015, from the SAR 41 million it lost during the same quarter last year.
Argaam also recently reported that the Capital Market Authority (CMA), the kingdom’s financial regulator, had begun implementing disclosure requirements on companies whose accumulated losses reached 50 percent or more of their capital.
Solidarity’s shares were temporarily halted last week after it was announced that its accumulated losses represented 61.4 percent of its capital.
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