Riyadh – Mubasher: The Saudi Arabian Monetary Authority (SAMA) approved trimming the capital of MetLife AIG ANB Cooperative Insurance Company on Tuesday, 27 February.

The firm’s capital will be decreased by SAR 170 million to SAR 180 million, according to a statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

MetLife will complete the rest of the regulatory authorities' procedures, the statement added. 

The Saudi insurance company’s board of directors previously recommended cutting capital by 48.6% to SAR 180 million from SAR 350 million.

On 31 December 2017, MetLife’s accumulated losses hit SAR 172.2 million, making up 49.2% of its capital.

The firm’s losses rose 485.5% to SAR 37.33 million during the fourth quarter of 2017, up from SAR 6.38 million in the same period the previous year. 

By 10:46 am KSA time, MetLife’s stock rose 2.56% to SAR 12.44.