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Salama Cooperative Insurance cuts accumulated losses by 6.5%

Salama Cooperative Insurance cuts accumulated losses by 6.5%
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SALAMA
8050
-0.64% 24.80 -0.16

Riyadh – Mubasher: Salama Cooperative Insurance Company has cut its accumulated losses to less than 20% of the capital over the first half (H1) of 2020. 

The company's losses now stand at SAR 48.98 million, representing 19.59% of the capital, according to a bourse statement on Sunday.

The insurer recorded a net income attributable to shareholders' equity of SAR 3.423 million in H1-20, resulting in lower losses by 6.5% when compared to the fourth quarter (Q4) of 2019. 

During the January-June period, the company logged SAR 6.42 million worth of profits, against losses of SAR 49.96 million in H1-19.