CHUBB Arabia board recommends no dividend payout for 2022

Logo of CHUBB Arabia Cooperative Insurance Co.

CHUBB Arabia Cooperative Insurance Co.’s board of directors recommended, on March 14, withholding the distribution of cash dividends for 2022, according to a bourse filing.

The board said that the recommendation aims at supporting the future growth of business activities and maintaining the solvency margin.

The board’s recommendation will be presented to the upcoming general assembly meeting for approval, which will be called at a later date.

The insurer’s net profit dropped to SAR 2.4 million for first nine months of 2022, down 68%, from SAR 7.5 million in the year-earlier period.