Walaa Cooperative Insurance and MetLife AIG ANB have reached a merger agreement. Yet, the project must be submitted beforehand to the shareholders of both entities and receive the approval of the supervisory authorities.
This decision follows a non-binding memorandum of understanding signed between the two companies on 18 June 2019. For the first seven months of 2019, MetLife reported a cumulative loss of 180 million SAR (48 million USD), that is 20.2% of its capital. At the end of June 2019, MetLife's turnover fell by 64%.
As a reminder, MetLife's gross written premiums were halved between 2017 and 2018 going from 354.9 million SAR (94.5 million USD) in 2017 down to 168.8 million SAR (44.9 million USD) the following year.
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