Allied Cooperative Insurance Group Announces the Decrease of its Accumulated Losses to 31.28 % of the Capital
| Element List | Explanation |
|---|---|
| Introduction | Allied Cooperative Insurance Group - ACIG - announces the reduction of its accumulated losses to 31.28% of the capital. |
| Date of accumulated losses decrease | 2023-09-30 Corresponding to 1445-03-15 |
| Amount of the Accumulated Losses | The accumulated losses currently amount to (91,039) thousand Saudi riyals, which represents 31.28% of the capital. |
| Measures Taken by the Company to Decrease Accumulated Losses | The reasons for the decrease in accumulated losses are mainly due to the improvement in the company’s financial performance during the second and third quarters of 2023 AD and the increase in insurance revenues and net investment returns.
The company, represented by the Board of Directors and Executive Management, continues to work to raise operational efficiency and improve costs to increase its profitability. |
| Auditor's Report showing the Financial Position of the Company after the Decrease of the Accumulated Losses |  |
| Additional Information | We attach to the shareholders the auditor’s report, including the statement of financial position.. |
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