ACIG's accumulated losses fall to 31.28% of capital

07/11/2023 Argaam

ACIG's accumulated losses fall to 31.28% of capital

Logo of Allied Cooperative Insurance Group (ACIG)

Allied Cooperative Insurance Group (ACIG) announced today, Nov. 7, a decrease in its accumulated losses to 31.28% of capital.

 

In a statement to Tadawul, the company said accumulated losses currently amount to SAR 91.04 million, representing 31.28% of capital.

 

The drop was primarily attributed to the company’s improved financial performance during the second and third quarters of 2023. This is in addition to an increase in insurance revenue and net return on investments.

 

ACIG, represented by its board of directors and executive management, continues to work on enhancing operational efficiency and improving costs to boost its profitability, the statement added.

 

Refer to the chartered accountant’s report in the attached document below:

Chartered accountant report

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