Riyadh – Mubasher: AXA Cooperative Insurance Co has received a letter of approval from the Saudi Arabian Monetary Authority (SAMA) for increasing the company’s capital.

AXA will complete all other requirements for official entities, the kingdom-based insurer said in a bourse disclosure to the Saudi Stock Exchange (Tadawul) on Tuesday.

The company further said that SAMA has approved for raising the capital to SAR 500 million from SAR 450 million through capitalising SAR 50 million of retained earnings.

AXA noted that this approval will not affect the company’s financial position.