Riyadh – Mubasher: Al Sagr Cooperative Insurance Company has received formal approval from the Insurance Authority to utilize its entire statutory reserve balance of SAR 8.90 million to offset a portion of its accumulated losses.
The move follows a board recommendation issued on 16 June 2026, aimed at addressing the company’s financial position.
According to financial statements for the period ending 31 March, the insurer’s accumulated losses hit SAR 40.50 million, representing 13.5% of its total capital.
While the regulatory approval from the Insurance Authority marks a significant step in the restructuring process, the company noted that the decision remains subject to final approval by shareholders.
Al Sagr Cooperative Insurance confirmed it will present the proposal at an upcoming General Assembly meeting for a definitive vote. The company stated that it will disclose further material developments regarding the loss-offsetting measure as they occur.
In June, the listed company received final regulatory approval to launch a specialized cyber insurance product.
