Salama Cooperative Insurance Co. Announces its accumulated loses reaching 34.82 % of its capital

A8050 SALAMA0.0 (0.0 %)
1443/04/04 Tue Nov 9, 2021 09:43:34

Salama Cooperative Insurance Co. Announces its accumulated loses reaching 34.82 % of its capital

Share this: Facebook TwitterLinkedIn

Element List	Explanation
Introduction	SALAMA Cooperative Insurance Company announce that its accumulated losses amounted to 34.82% from the capital of 250,000 thousand Saudi riyals, based on the unaudited financial results for the third quarter as on 30 September 2021.
Date of Realization of the Loss	2021-09-30 Corresponding to 1443-02-23
Amount of the Accumulated Losses	87,047 SR Thousand
Percentage of the Accumulated Losses out of the Capital (%)	34.82 %
Major Reasons Leading to the Losses	Increase in net claims incurred and decrease in Other Underwriting income.
Application of the Procedures and Instructions	Procedures and Instructions Applicable on Companies Listed in Saudi Capital Market Whose Accumulated Losses Reach 20% or more out of the Capital Thereof will be Applied

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.