SABB TAKAFUL ANNOUNCES THE REINFORCEMENT OF TECHNICAL RESERVES

14/01/2016 17:17 AST

SABB Takaful Company announces that the Audit Committee confirmed today 14/1/2016 the technical reserves in the statement of reserves received from the Appointed Actuary in which includes a material increase in Unit reserve as a result of changing the calculation methodology of Unit reserve to comply with the regulations to have the Unit reserve equals the value of the respective underlying asset. The net increase in unit reserve is SAR 8.96 million when compared to the difference between Unit reserve and AFS investments for the previous quarter. The financial impact will be reflected negatively on the income statement for takaful operations of the fourth quarter 2015 under Changes in reserve for takaful activities. The change in reserves will enable the company to raise its efficiency and its ability to meet future obligations.


Tadawul

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