Riyadh – Mubasher: Allied Cooperative Insurance Group (ACIG) reduced its accumulated losses to 16.84% of the capital as of 31 March 2024, according to a bourse filing.

ACIG suffered lower accumulated losses valued at SAR 49 million, mainly due to the improvement in the company’s financial performance during 2023 and the first quarter (Q1) of 2024.

In January-March 2024, the insurance firm logged 606.04% higher net profits at SAR 24.99 million, compared to SAR 3.54 million in Q1-23.

Insurance revenues increased by 2.11% year-on-year (YoY) to SAR 231.41 million in Q1-24 from SAR 226.61 million.