MetLife AIG ANB Cooperative Insurance Co. Announces its accumulated loses reaching 20.20 % of its capital
|Introduction||MetLife AIG ANB Cooperative Insurance Company announces that its accumulated losses reached 20.20% of its capital of SAR 180 million based on the unaudited financial results of April 2019. Noting that the temporary decrease of accumulated losses below 20% as at 30 June 2019 to reach 18.79% (as previously announced in the announcement of the financial results for the second quarter of 2019) is a temporary and unsustainable decline due to fluctuation in the value of provisions according to the estimates of the appointed actuary of the company and therefore has not been announced separately.|
|Date of Realization of the Loss||2019-07-31 Corresponding to 1440-11-28|
|Amount of the Accumulated Losses||SAR 36,353 thousand|
|Percentage of the Accumulated Losses out of the Capital (%)||20.20 %|
|Major Reasons Leading to the Losses||Lower written premiums compared to the amount of general and administrative expenses.|
|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|
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