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18-01-14

Saudi firms allocate USD266 m for its reserves

(MENAFN) Twelve Saudi insurance companies plan to invest about USD266 million in their technical reserves, according to Arab News. The companies allocated as much as 20 percent of their capital outlay, or USD1Ù«38 billion worth. The Cooperative Insurance Company (Tawaniya) has the biggest portion of fund which totaled about USD145 million, or 55 percent of its capital, followed by Salama Insurance at USD11Ù«43 million.