Riyadh – Mubasher: United Cooperative Assurance Company has received the Saudi Central Bank’s (SAMA) approval to offset part of its accumulated losses by SAR 31.94 million from the statutory reserve.

This amount will be reduced from the total accumulated losses of SAR 137.01 million as on 31 March 2021, according to a bourse filing on Sunday.

The shareholders of United Cooperative will still have to approve this decision during the coming extraordinary general meeting.

The insurance firm announced last June its plan to use the entire statutory reserves of SAR 31.94 million to offset part of the accumulated losses.