MetLife AIG gets Saudi cbank nod to raise capital

The Saudi Arabian Monetary Agency (SAMA) has approved MetLife AIG ANB Cooperative Insurance Co.’s request to increase its capital.

The kingdom’s central bank said that it has studied and discussed the company’s business plan for the next five years before approving the request.

MetLife will now have to meet the requirements of other authorities, it said.

In April, Metlife said it approved a SAR 175 million rights issue to raise its capital in order to enhance its solvency margin and support future investment​s​.