Chubb Arabia shareholders approve 2020 dividend freeze

Logo of Chubb Arabia Cooperative Insurance 

Chubb Arabia Cooperative Insurance Co.’s shareholders approved the board’s recommendation on withholding dividend for 2020, during the ordinary general meeting held on May 25, the company said in a bourse statement.

Shareholders approved the board and audit reports, and audited financial statements for 2020, as well as payment of SAR 3.298 million as remuneration to the board members for the same year.

Moreover, they also endorsed various business contracts concluded between the insurer and several other companies.

According to data compiled by Argaam, the insurer's board of directors recommended, in April 2021, not to distribute cash dividends for 2020, in order to continuously support future growth of business activities and maintain the solvency margin.