The Clap
AlSagr Insurance’s (8180) losses have widened to almost SAR 260 million as of June 30th, 2022.
The Deets
The company attributed the increase in losses to increases in total claims owed to other parties, as well as direct costs related to automotive insurance.
So What
AlSagr’s losses now stand at ~65% of the company’s capital. The company must now begin disclosure procedures related to companies that record losses equivalent to 50% or more of their capital.
Now What
The company plans to mitigate these losses by focusing on profitable insurance sectors, such as general insurance & business insurance, as well as cutting administrative costs.
AlSagr Insurance’s losses widen 👇
