Riyadh – Mubasher: Chubb Arabia Cooperative Insurance Company recently held its general assembly where shareholders approved the financial statements for the 2025 fiscal year.
The ordinary general meeting (OGM) also ratified numerous related party contracts and endorsed the board of directors' recommendation to withhold dividend payments for 2025, according to a bourse filing.
Shareholders reviewed and approved the board of directors' report and the auditor's report for the 2025 fiscal year.
A significant portion of the assembly was dedicated to the ratification of business contracts and agreements involving related parties. The company disclosed that all such transactions were conducted for a one-year term without any preferential conditions or special terms.
The largest of these transactions involved reinsurance agreements with member companies of the Chubb Group, in which Chubb INA International Holdings Limited holds an interest. These contracts, represented by board members Stephen Dixon, Giles Ward, and Nikolai Dmitriev, reached a total value of SAR 58.78 million.
Furthermore, the assembly approved a variety of contracts with entities associated with board members Mohammed bin Abdulkarim Al Khereiji and Abdulaziz bin Abdulkarim Al Khereiji. These included a SAR 4.69 million agreement with the General Car Maintenance Center for customer vehicle services and a SAR 1.71 million lease agreement with Khereiji Trading and Electronics for the company's main headquarters and its Riyadh branch.
Other approved contracts with Khereiji-affiliated entities included reinsurance transactions with Tysers Reinsurance Brokers valued at SAR 8.84 million and insurance contracts with the listed Saudi Ceramics at SAR 382,945.
This is in addition to deals with Khereiji Real Estate at 290,227 and Khereiji Contracting at SAR 41,112.
Smaller insurance and service agreements were also ratified with Ithraa Al Maarifa, Al Khwarizmi Actuarial Services, Sahara Net for cybersecurity services, and Risk Solutions for Damage Assessment and Loss Inspection.
In terms of external oversight, the assembly followed the Audit Committee’s recommendation to appoint new auditors for the upcoming periods.
PwC Saudi Arabia was appointed to review the second (Q2), third (Q3), and annual financial statements for 2026, as well as Q1-27 for a fee of SAR 1.13 million.
RSM Saudi Arabia was also appointed for the same period with a fee of SAR 535,000.
Regarding governance and capital allocation, the assembly approved the disbursement of SAR 2.66 million in remuneration to the board of directors for the 2025 fiscal year.
Most notably for investors, the shareholders officially adopted the board’s proposal to not distribute cash dividends for the 2025 fiscal year, opting instead to retain earnings within the company.
This assembly marks a comprehensive review of the company's operational and financial ties, ensuring that all significant contracts with stakeholders and international affiliates are formally documented and approved by the voting shareholders.
The company confirmed that its compliance department remains available for further inquiries regarding these resolutions.
