United Cooperative Assurance Co. (UCA) announced that its accumulated losses have exceeded 20 percent of capital.
The losses stand at about SAR 106.62 million, or 21.76 percent of the firm’s capital of SAR 490 million.
The insurer attributed the losses to realizing insurance operations deficit, lower gross written premiums and higher technical reserves.
UCA will be subject to Capital Market Authority (CMA) regulations concerning companies with accumulated losses exceeding 20 percent of capital.
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