The company said in a statement to the Saudi market (Tadawul), that the reason for the decrease in accumulated losses is due to the transfer of about 31.94 million riyals from the statutory reserve to cover part of the company's accumulated losses, After the approval of the ordinary general assembly of shareholders.
United Insurance recorded a jump in net losses during the second quarter of 2021, to 6.53 million riyals before zakat, compared to 1.42 million riyals in the second quarter of 2020, an increase 361.5%.
The company's accumulated losses amounted to 145.55 million riyals by the end of the second quarter of 2021, representing 36% of the capital of 400 million riyals.
