Iran's Largest Insurer Gets $673m Capital Raise

Iran Insurance Company, the sole state-owned and largest domestic insurance company has finalized its long-awaited plans for boosting capital, the CEO said.
"IIC's board has approved increasing capital by 154.971 trillion rials (almost $673 million) via revaluation of fixed assets. This will increase our capital from 34.2 trillion rials ($148.6m) to 189 trillion rials ($821.6m)," Majid Bakhtiari was quoted as saying by the company's website. Capital increase was in the making for a long time.
In September 2019 the company announced that it wants to increase capital from 34.241 trillion rials ($160m) to 100 trillion rials ($470m). That did not happen and it is not clear why.