Allied Cooperative incurs accumulated losses on higher provisions, claims

Allied Cooperative Insurance Group’s (ACIG) accumulated losses have reached SAR 73.7 million, or 36.9 percent of its capital, the company said in a statement to Tadawul on Wednesday.

The accumulated losses were attributed to higher provisions and higher claims.

ACIG will be subject to the Saudi Capital Market Authority’s (CMA) regulations that govern listed companies with accumulated losses of over 20 percent of capital, starting from April 22.