Saudi Arabia: MetLife AIG ANB sees unexpected loss in 4Q2017
Source: Middle East Insurance Review | Mar 2018
MetLife AIG ANB Cooperative Insurance has suffered an unexpected significant loss of around 15% of the company’s net assets in the fourth quarter of 2017 connected with its medical insurance business.
According to a statement the company issued on Tadawul, the insurer said that these losses have been quantified internally on an interim basis pending their review and audit by external auditors.
As a result of this unexpected loss, its accumulated losses might amount to approximately 49% of net assets, according to an unaudited and unreviewed calculation performed internally by the company.
The impact of the unexpected loss will be included in the financial statements for the fourth quarter of 2017, and it will include the cumulative losses after revising them for the loss.
The company said it is currently studying the causes of this loss and will take all necessary corrective measures.
The financial statements of the company showed that the issued capital was SAR350 million (US$93.3 million) as at 30 September 2017. Net losses for the first nine months of 2017 totalled SAR20.5 million, while the figure was SAR10.1 million for the first half of the year. Accumulated losses as at 30 September 2017 were SAR135 million, representing 38.57% of share capital. Net assets at the end of last September reached SAR215 million.
MetLife AIG ANB is headquartered in Riyadh and was established in August 2013. M
SAR1 = US$0.27