Riyadh - Mubasher: The Capital Market Authority (CMA) has approved capital hikes for two Saudi insurers, according to two separate bourse disclosures.
CHUBB Arabia Cooperative Insurance Company will raise its capital to SAR 400 million from SAR 300 million through the issuance of one bonus share for every three held.
Meanwhile, Saudi Reinsurance Company (Saudi Re) will increase its capital to SAR 1.69 billion from SAR 1.15 billion by issuing four bonus shares for every nine existing shares.
CHUBB Arabia’s hike will be funded by transferring SAR 52 million from retained earnings and SAR 48 million from the statutory reserve, increasing the shares to 40 million from 30 million.
Saudi Re’s rise will be supported by SAR 539.80 million from retained earnings, which will boost the outstanding shares to 169.81 million from 115.83 million.
The two companies plan to hold extraordinary general assemblies within six months to finalize the increases, ensuring compliance with all regulatory requirements and applicable laws.
In the first half (H1) of 2025, Saudi Re posted SAR 87.99 million in net profits after Zakat attributable to shareholders, an annual rise of 16.89% from SAR 75.27 million.
