Saudi Arabian insurer Allianz Saudi
Fransi (ASF) is to proceed with a rights issue to raise an
additional SAR125m ($33m) capital to position itself for
implementation of what its chairman, Yousef Hamdan Al-Hamdan,
termed a “rapid development plan.” The rights issue will increase
ASF’s issued capital from SAR100m to SAR225m.
ASF was founded in 2007 as a joint
venture between European insurer Allianz and Saudi Arabian bank
Banque Saudi Fransi, an affiliate of French bank Crédit
Agricole.
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Allianz and Banque Saudi Fransi
currently have equal stakes of 32.5% each in ASF which is listed on
the Tadawul, Saudi Arabia’ stock exchange. Both companies have
announced that they will follow their rights.
ASF, which provides
takaful (Shariah-law compliant) general, life and
individual medical insurance products and employee benefits
solutions, enjoyed robust growth in 2009, reporting gross written
premium income of SAR 337.8m, up 334% compared with 2008.
Of total premium income in 2009,
general insurance contributed SAR211.9m, medical insurance
SAR103.2m and life insurance and savings products SAR22.7m.
A net loss of SAR22.4m was reported in 2009, down from SAR33.3m
in 2008.
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