Riyadh – Mubasher: Saudi Arabian Cooperative Insurance Company (SAICO) has appointed Prince Ahmad bin Khalid bin Abdullah Al Saud as the new chairman of the board for the next three years.

The insurer also named Abdulaziz bin Ali Abussuud as the vice chairman, according to a recent bourse filing.

The two officials assumed their roles for a new board term that started on 25 June 2022 and will remain in position until 24 June 2025.

In the first quarter (Q1) of 2022, SAICO turned profitable with net profits before Zakat worth SAR 9.13 million, against net losses of SAR 15.20 million in Q1-21. The earnings per share (EPS) stood at SAR 0.23 in Q1-22, compared to a loss per share of SAR 0.51 in Q1-21.