ACIG reports higher value of investment in Najm

Logo of Allied Cooperative Insurance Group

Allied Cooperative Insurance Group (ACIG) announced an increase in value of investment in Najm for Insurance Services Co., which resulted in a material positive impact of 23% on the company’s net assets, according to a statement to Tadawul.  

ACIG said it owns 3.45% of Najm shares, which has been so far measured at cost amounting to SAR 1.92 million. However, ACIG will now recognize this equity at fair value of SAR 39.70 million for the year ended Dec. 31, 2022. 

This recognition is based on Najm independent valuation, under IFRS 9 Financial Instruments, as of Jan. 1, 2023. 

ACIG also indicated that it would recognize this increase in value of investment at fair value through other comprehensive income (FVTOCI), which will appear in Q1 2023 financials.