Salama Cooperative Insurance cuts accumulated losses by 6.5%

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.

Source: Mubasher

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.