CHUBB Arabia board proposes dividend freeze for 2023

Logo of CHUBB Arabia Cooperative Insurance Co. (CHUBB Arabia)

CHUBB Arabia Cooperative Insurance Co. (CHUBB Arabia) said its board of directors recommended on March 6 not to distribute cash dividends for 2023.

The proposal seeks to support future growth of business activities and preserve the solvency margin, the insurer said in a statement to Tadawul.

The recommendation will be presented for approval at the general assembly, the date for which will be determined later.

CHUBB Arabia last distributed dividends in 2019, when it paid SAR 10 million at 5%, or SAR 0.50 per share, Argaam data showed.