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MetLife AIG ANB Cooperative Insurance Co. Announces its accumulated loses reaching 20.20 % of its capital

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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

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.

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