Wafa Insurance has been able to reduce its annual losses by 80% to record 32.6 million riyals in 2020, compared with losses reached 158 million riyals in 2019.
According to Arab Net, the company said in a statement on the Saudi market website on Thursday that the cause of net losses during the current period compared to the same period last year, dates back to the decline and expenses of subscription and doubtful debts and expenses and administrative expenses.
However, the company indicated a decrease in returns and total insurance premiums by 102%, a decrease in net insurance premiums written by 100.2%. The influential reason was due to suspension in May 2018.
In December, Saudi India's Cooperative Insurance Company reported that they received the final instrument of the judge by ratifying the proposal of the financial reorganization by the Ninth Trade Court in Riyadh.
The company added that accordingly, it began paying the first batch of creditors in line with the certified proposal, in coordination with the Secretary-General of the Trade Court in Riyadh.
The name of the Board of Directors also announced an increase in the capital by offering a priority rights.
The company said in a statement to the Saudi Financial Market, that the total amount, which the company seeks to be 300 million riyals,
The reason for the demand for capital increase was due to strengthening the margin of adaptation and the return of the company to practice its activities.
