United Cooperative Assurance Co (8190)

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News

22 June 02:32 PM Arabia Insurance, United Cooperative Assurance ink MoU to explore potential merger

Riyadh - Mubasher: Arabia Insurance Cooperative Company and United Cooperative Assurance Company agreed to evaluate a potential merger between the two firms. Under the non-binding memorandum of understanding (MoU), the two companies will merge …

Banking and Finance

20 March 2024 02:39 PM United Cooperative Assurance turns to profitability in 2023

Riyadh – Mubasher: United Cooperative Assurance Company shifted to profitability in 2023, recording a net profit after Zakat attributable to shareholders of SAR 5.29 million, versus a net loss of SAR 55.48 million a year earlier. Insurance …

Financial Results

20 February 2024 11:50 AM United Cooperative appoints new Chairman, Vice Chairman

Riyadh – Mubasher: United Cooperative Assurance Company named Khalid Hussein Ali Reza as the Chairman of the board for three years. Khalid Ahmed Al Hamdan was announced as the Vice Chairman, according to a bourse disclosure. The two officials …

Corporate Actions

27 December 2023 03:35 PM Saudi Enaya, United Cooperative’s shareholders give different votes for merger

Riyadh – Mubasher: The extraordinary general meeting (EGM) of Saudi Enaya Cooperative Insurance Company rejected the merger offer submitted by United Cooperative Assurance Company, while the latter’s shareholders approved merging into Saudi Enaya, …

General Assembly

21 November 2023 03:04 PM CMA approves United Cooperative’s capital raise for merger with Saudi Enaya

Riyadh – Mubasher: The Capital Market Authority (CMA) recently approved United Cooperative Assurance Company’s (UCA) request to increase its capital by SAR 192.60 million to conclude the merger with Saudi Enaya Cooperative Insurance Company. …

Corporate Actions

8 November 2023 07:13 PM United Cooperative’s net losses narrow to SAR 7m in 9M-23; accumulated losses near 49%

Riyadh – Mubasher: United Cooperative Assurance Company reported a net loss before Zakat of SAR 7.08 million in the first nine months (9M) of 2023, down by 85.27% from SAR 48.05 million in 9M-22. The loss per share was SAR 0.24 in …

Financial Results

11 April 2022 06:47 PM SAMA gives nod to United Cooperative’s capital hike

Riyadh – Mubasher: The Saudi Central Bank (SAMA) has granted its green light for the United Cooperative Assurance Company’s request to increase its capital from SAR 400 million to SAR 700 million through a rights issue. The bank’s approval is …

Management Decisions

17 October 2021 00:28 PM United Cooperative’s board proposes capital hike through rights issue

Riyadh – Mubasher: The board of United Cooperative Assurance Company recommended a capital raise by offering a rights issue at a value of SAR 300 million. The proposed capital hike is expected to endorse the company’s business growth plan, …

Board of Directors

13 September 2021 05:39 PM SAMA approves change in United Cooperative’s practice permit

Riyadh – Mubasher: The Saudi Central Bank (SAMA) gave the green light for United Cooperative Assurance Company to amend its activity practice permit of insurance and reinsurance cooperative. The new practice permit will be limited to the practice …

Corporate Actions

12 September 2021 10:01 AM United Cooperative reduces accumulated losses to 28% of capital

Riyadh – Mubasher: United Cooperative Assurance Company will reduce its accumulated losses to SAR 113.6 million, representing 28.4% of the capital, according to a bourse filing on Sunday. The amount will be instead of SAR 145.54 million, which …

Corporate Actions

19 August 2021 03:00 PM United Cooperative’s shareholders nod to offset accumulated losses

Riyadh – Mubasher: The shareholders of United Cooperative Assurance Company gave the green light to use SAR 31.94 million from the statutory reserves to offset part of the accumulated losses. The company aims to reduce the accumulated losses as …

Corporate Actions

16 August 2021 01:07 PM United Cooperative incurs SAR 33.5m losses in H1-21

Riyadh – Mubasher: United Cooperative Assurance Company logged an increase of 644% in net losses before Zakat to SAR 33.52 million during the first half (H1) of 2021, compared to SAR 4.5 million in H1-20. The loss per share deepened to SAR 0.94 in …

Financial Results

11 July 2021 03:50 PM United Cooperative obtains SAMA’s nod to reduce accumulated losses

Riyadh – Mubasher: United Cooperative Assurance Company has received the Saudi Central Bank’s (SAMA) approval to offset part of its accumulated losses by SAR 31.94 million from the statutory reserve. This amount will be reduced from the total …

General Assembly

8 July 2021 10:28 AM United Cooperative receives SAMA’s nod for licence renewal

Riyadh – Mubasher: United Cooperative Assurance Company obtained the Saudi Central Bank’s (SAMA) approval to renew its business licence for a three-year term. The company will be able to practice general and health insurance and reinsurance …

Central Banks

3 June 2021 04:44 PM United Cooperative to partially offset accumulated losses

Riyadh – Mubasher: United Cooperative Assurance Company will be using the entire statutory reserves of SAR 31.94 million to offset part of the accumulated losses, according to a bourse filing on Thursday. Following this step, the company’s …

Management Decisions

16 June 2020 09:29 AM United Cooperative narrows losses in Q1-20

Riyadh – Mubasher: The net losses before Zakat of United Cooperative Assurance Company (UCA) plunged by 44.1% on an annual basis over the first quarter (Q1) of 2020, reaching SAR 3 million from SAR 5.5 million. The insurer’s net written premiums …

Financial Results

7 August 2019 00:51 PM United Cooperative turns profitable in 6M

Riyadh – Mubasher: United Cooperative Assurance Company (UCA) disclosed its interim financial statements for the second quarter of 2019. Net profits hiked by 136.3% to SAR 7.28 million in Q2-19, compared to SAR 3.08 million in Q2-18, according to …

Financial Results

31 March 2019 04:04 PM 16 Saudi insurance firms log SAR 213m loss in 2018

By: Thabet Shehata Riyadh – Mubasher: A total of 16 insurance firms listed on the Saudi Stock Exchange (Tadawul) reported a combined net loss of SAR 213 million in 2018. The Company for Cooperative Insurance (Tawuniya) posted the highest net …

Financial Results

10 June 2018 09:09 AM United Cooperative Assurance EGM nods to capital cut

Riyadh – Mubasher: The extraordinary general meeting (EGM) of United Cooperative Assurance Co has approved to decrease its capital to SAR 400 million from SAR 490 million that will be distributed over 40 million shares. The capital cut accounts …

Corporate Actions

2 August 2017 04:46 PM SAMA OKs United Assurance capital cut

Riyadh – Mubasher: United Cooperative Assurance Co on Wednesday said that the Saudi Arabian Monetary Authority (SAMA) approved to reduce the insurance firm’s capital by SAR 90 million to reach SAR 400 million. In June, the board of directors …

Company News

19 April 2017 10:15 AM United Assurance’s accumulated losses exceed 20%

Riyadh – Mubasher: United Cooperative Assurance Co announced that its accumulated losses reached SAR 128.12 million, representing 26.15% of capital. The company attributed the high accumulated losses to higher technical provisions, adding to …

Financial Results

19 February 2017 10:15 AM CCHI requalifies 5 firms for 3 yrs

Riyadh – Mubasher: Five Saudi-listed insurance companies announced receiving formal approval letters from the secretary general of the Council of Cooperative Health Insurance (CCHI). The letters include the approval of CCHI on the health insurance …

Management Decisions

7 December 2016 10:47 AM United Assurance sees lower sales after SAMA’s ban

Riyadh – Mubasher: United Cooperative Assurance Co. expected that Saudi Arabian Monetary Authority (SAMA) ban will have a negative impact on the company’s financial position and short-term profits. The company noted that it will soon hold a …

Companies Investments

2 December 2015 09:10 AM SAMA approves United Cooperative insurance products

Riyadh-Mubasher: United Cooperative Assurance Co. said it received an approval letter from the Saudi Arabian Monetary Agency (SAMA) on 1 December 2015 to use insurance products for all risks of motor (commercial), motor third party liability and …

Corporate Actions

30 September 2015 08:43 AM United Assurance denies material impact from Mecca crane crash

Riyadh-Mubasher: United Cooperative Assurance (UCA) said its financial results will not be impacted by Mecca crane collapse earlier this month, in which at least 107 people died and 238 were wounded. Saudi Arabia suspended construction giant Saudi …

Crimes and Accidents