CHUBB Arabia OGM to vote on 2023 dividend freeze on June 25

Logo of CHUBB Arabia Cooperative Insurance Co.

CHUBB Arabia Cooperative Insurance Co.’s shareholders are set to vote on the board of directors’ recommendation to distribute no dividends for 2023, during the ordinary general meeting (OGM) that will be held on June 25. 

They will also vote on electing board members for the three-year term starting July 25, 2024, according to a statement to Tadawul. 

Further, shareholders will discuss transactions between the insurer and Saudi Ceramic Co., where board members Mohammed El-Khereiji and Abdulaziz El-Khereiji have an indirect interest. The 2023 insurance contracts totaled about SAR 737 million with no preferential conditions.

The board decided in March not to distribute cash dividends for 2023, to support future growth and maintain the solvency margin, according to Argaam data.

The last dividend distribution by the company was in 2019, when it distributed cash dividends of SAR 10 million at 5%, or SAR 0.50 per share.