Riyadh – Mubasher: MetLife AIG ANB Cooperative Insurance Company revealed that its accumulated losses reached 20.99% of its capital.

Total accumulated losses amounted to SAR 37.78 million of the company’s capital of SAR 180 million, based on the unaudited financial results of April 2019, according to MetLife’s statement to the Saudi Stock Exchange (Tadawul) late on Tuesday.

The kingdom-based insurer attributed the accumulated losses to lower written premiums compared to the amount of general and administrative expenses.

Accordingly, the procedures and instructions related to listed companies with accumulated losses reaching 20% or more of capital shall apply to the company.

During the full fiscal year 2018, MetLife reported a 61.4% year-on-year decrease in losses, recording SAR 22.3 million.