“Cash Insurance” raises its capital by half – Al-Hiwar Algeria

The insurance company “Kash Insurance” announced, on Monday, the completion of a new operation to raise its social capital, as it moved from 10 to 15 billion DA, an increase of 50 percent.
And the public company stated in a statement that this operation came within the framework of the company’s efforts to “provide additional resources that allow it to fulfill its various obligations and improve the insurance capabilities of its customers.”
And according to the same source, the company’s capital has been raised by 5 billion DZD thanks to an in-kind contribution from the Sonatrach group, “reflecting Sonatrach’s continuous commitment to accompany Cash Insurance, with the aim of providing all the necessary conditions for the success of its development strategy, improving its competitive position and maintaining the upward trend in its technical and financial performance.” investigation in recent years.
Thanks to this recapitalization process, the share of the Sonatrach group in the capital of “Kash Insurance” increased from 82 percent to 88 percent, according to the same source.
In addition to allowing the company to largely comply with the prudential rules in terms of the required regulatory minimum, the capital raising process, according to the same source, “allows Cash Insurance to meet higher levels of accident volume, thus giving customers the best guarantees in terms of insurance coverage.”
This public company, which also includes in its capital the company “Naftal”, the Algerian Insurance and Reinsurance Company “CAR”, and the Central Reinsurance Company, embarked in 2020 on a recapitalization process, by raising its capital from 7.8 billion DZD to 10 billion DZD, By incorporating part of the regular reserves, to be tracked in 2023 by this new increase of 5 billion DZD.