Al Ahlia narrows accumulated losses to 34% of capital

Al Ahlia for Cooperative Insurance Co. has cut its accumulated losses to SAR 54 million, or 33.76 percent of capital, the insurer said in a statement to Tadawul on Thursday.

The drop was attributed to lower net incurred claims, decreased general and administrative expenses, and investment gains.

The Saudi insurer will now be subject to the Capital Market Authority’s rules governing listed companies with accumulated losses between 20 and 35 percent of their capital.