Riyadh – Mubasher: MetLife AIG ANB Cooperative Insurance Company’s board of directors on Monday recommended trimming capital by 48.6% to SAR 180 million from SAR 350 million.

Capital decrease will be implemented through cancelling 17 million shares, which led to a decline in shares to 18 million from 35 million, according to a statement to the Saudi Stock Exchange (Tadawul).

The insurance services provider ascribed the capital cut to capital restructuring in line with new system of firms, MetLife added, noting that the move will not affect its financial commitments.

The firm’s capital reduction decision will be subject to regulatory approvals, the company highlighted. 

MetLife’s loss increased 485.5% to SAR 37.33 million during the fourth quarter of 2017, from SAR 6.38 million in the same period a year earlier.

The company’s losses rose 164.5% to SAR 57.81 million during the full year 2017, compared to SAR 21.86 million in the year before.

On 31 December 2017, accumulated losses hit SAR 172.2 million, representing 49.2% of the firm’s capital.

By 11:30 am KSA time, the company's stock rose 3.23% to SAR 11.84.