Saudi Arabian Cooperative Insurance Company
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SAICO's Legacy

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The company’s activity began in 1952, prior to the issuance of the Royal Order No. 32 dated 2/6/1424 and its executive regulations for the control of cooperative insurance companies. The company had cooperative insurance activity inside the Kingdom through Saudi investors in Bahrain. After the issuance of the new regulations for the Saudi insurance market, SAICO was established as a Saudi joint stock company based on the decision of the Minister commerce and Industry No. 193 dated 7/21/1428 and under the supervision of the Central Bank of Saudi Arabia. The share capital of SAICO upon incorporation amounted to 100 million riyals divided into 10 million shares with a nominal value of 10 riyals per share. In 2015, the company’s capital was increased by offering priority rights shares to the company’s shareholders by an amount of 150 million riyals, to become 250 million riyals, divided into 25 million shares with a nominal value of 10 riyals per share. In 2018, the company’s capital was increased by granting bonus shares to the company’s shareholders by an amount of 50 million riyals, to become 300 million riyals, divided into 30 million shares with a nominal value of 10 riyals per share.

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The company's activity began in 1952, prior to the issuance of the Royal Order No. 32 dated 2/6/1424 and its executive regulations for the control of cooperative insurance companies. The company had cooperative insurance activity inside the Kingdom through Saudi investors in Bahrain. After the issuance of the new regulations for the Saudi insurance market, SAICO was established as a Saudi joint stock company based on the decision of the Minister commerce and Industry No. 193 dated 7/21/1428 and under the supervision of the Central Bank of Saudi Arabia. The share capital of SAICO upon incorporation amounted to 100 million riyals divided into 10 million shares with a nominal value of 10 riyals per share. In 2015, the company's capital was increased by offering priority rights shares to the company's shareholders by an amount of 150 million riyals, to become 250 million riyals, divided into 25 million shares with a nominal value of 10 riyals per share. In 2018, the company's capital was increased by granting bonus shares to the company's shareholders by an amount of 50 million riyals, to become 300 million riyals, divided into 30 million shares with a nominal value of 10 riyals per share.

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