The accumulated losses incurred by Al Sagr Cooperative Insurance Company have reached SAR 259.28 million as registered on 30 June 2022.

Al Sagr Cooperative Insurance noted that the accumulated losses amount represented 65 % of its SAR 400 million paid-up capital, according to a bourse disclosure on Sunday.

The insurer plans to take several measures to offset the accumulated losses, including cost reduction to eliminate general and administrative expenses, generating more digital sales through the company website, and developing a business plan that can raise its production and profitability.

Last August, the company declared its inability to publish the financial results for the first half (H1) of 2022, noting that the expected date would be before the end of October this year.