Amana Cooperative Insurance's Accumulated Losses Reach SAR 236.06 Million, 54.9% of Capital

Amana Cooperative Insurance Co. reported accumulated losses of SAR 236.06 million as of September 30, 2026, equal to 54.9% of its capital, Argaam reported on November 5, 2026. The Saudi-listed insurer's board recommended on August 10 reducing capital from SAR 430 million to SAR 301 million to write off part of those losses.

Amana's Capital Reduction and Loss Drivers

In a statement to Tadawul, Amana Cooperative Insurance attributed the rise in accumulated losses mainly to technical and operational factors. The company cited higher operating costs not directly attributable to insurance contracts and a decline in insurance service results due to higher total incurred claims and directly attributable expenses.

The capital reduction remains subject to approval by shareholders at an extraordinary general meeting, the Capital Market Authority, the Insurance Authority and other relevant regulatory bodies. Amana said its plan to strengthen its solvency margin includes improving operational efficiency, reviewing pricing policies and technical risks with its actuarial department, investing in technology, expanding digital channels and diversifying its insurance portfolio.

The future of trading reported a quarterly net loss of 25 million riyals, with insurance revenue of 91.4 million riyals. The quarter saw lower new business volumes, higher gross incurred claims and an increased zakat and income tax charge.

Amana's Capital Figures in Company Records

According to akta.pro company records, the board's August 2026 proposal covered a 30% capital reduction from SAR 430 million to SAR 301 million, cutting the nominal value of each ordinary share from SAR 10 to SAR 7 while keeping 43 million shares outstanding. The same records put the accumulated losses requiring the reduction to offset at SAR 129 million.

Amana Cooperative Insurance was founded in 1991 and is headquartered in Riyadh, offering individual motor, travel and personal accident cover and corporate healthcare, marine, engineering and property insurance through a digital portal and a multi-branch network across Saudi Arabia, according to the same records.

Patria Re and Sava Re Ratings

AM Best upgraded Patria Re (US), Inc.'s Financial Strength Rating to A- and Long-Term Issuer Credit Rating to a-, with stable outlooks, FinancialContent Business Page reported on October 30, 2026. AM Best affirmed Sava Re's A ratings with a stable outlook, The future of trading reported on October 22, 2026.

Amana's Deadlines for Disclosure and EGM

Amana said the board's deadline to disclose its recommendations on the accumulated losses is January 2, 2027. The final date to call an extraordinary general meeting to consider the company's continuation is May 2, 2027.