Al Khazna reduces its share capital

The Al-Khazna Insurance Company's shareholders approved the reduction of the company's share capital by 76%. As a result, the latter went from 420 million AED (114.328 million USD) to 100 million AED (27.221 million USD). This operation allows Al Khazna to make up a large part of the losses which amount to 411.36 million AED (111.976 million USD) as at 31 December 2019.

The Emirati insurer has also unveiled a five-year plan to boost its activities. The plan is designed to help the company solve financial, technical and administrative problems and provide solutions in order to reduce the losses incurred.

Read also | UAE insurance market