UCA’s accumulated losses stand at 26.15% of capital

United Cooperative Assurance (UCA) said on Wednesday that its accumulated losses have reached SAR 128.12 million, or 26.15 percent of its capital.

The losses were mainly attributed to an increase in technical provisions along with higher claim reserves and doubtful debt provisions, the insurer added in a statement to Tadawul.

The rules set by Saudi Arabia’s Capital Market Authority (CMA) governing listed companies with accumulated losses of 20-35 percent will apply to UCA starting from April 22.

The company will immediately publish developments about a planned turnaround by reducing its accumulated losses below 20 percent of capital, the statement added.