Riyadh – Mubasher: Gulf Union Al Ahlia Cooperative Insurance Company announced that its shareholders reviewed and approved the financial results for the fiscal year that ended on 31 December 2025, according to a bourse filing.
The company also ratified several high-value related party transactions and confirmed new appointments to the Board of Directors during the general assembly.
Shareholders officially approved the Board of Directors’ report, the external auditor’s report, and the audited financial statements for the year 2025.
Following these reviews, the assembly voted to discharge the members of the Board of Directors from liability for their management during the 2025 fiscal period. These steps are standard yet critical procedures that provide a formal closure to the previous year's fiduciary responsibilities.
A key agenda item involved the appointment of external auditors to oversee the company’s financial integrity for the upcoming periods. Based on the recommendation of the Audit Committee, the assembly approved the appointment of two firms to examine and audit the financial statements for the second (Q2) and third quarters of 2026, the full fiscal year of 2026, and Q1-27.
Crowe Solution for Professional Consulting was appointed with a fee of SAR 650,000 and Professional Consultants Company (Forvis Mazars) was secured for a fee of SAR 700,000.
Significant attention was directed toward the approval of related party transactions, which represented substantial business volume for the insurer.
Shareholders ratified a contract with Rawabi Holding Group for one-year insurance policies valued at SAR 33.75 million. This transaction involved a direct interest from the Chairman of the Board, Abdulaziz Ali Al Turki.
Additionally, two separate agreements with Al Muhaidib Group were approved, involving an indirect interest from former board member Majed Shatti Al Dhafiri. These included insurance policies worth SAR 8.47 million and an annual office lease agreement for the company’s premises valued at SAR 1.03 million.
The company emphasized that all these contracts were conducted under standard commercial terms without any preferential conditions.
The assembly also formalized changes to the composition of the Board of Directors. Shareholders approved the board’s earlier decision to appoint Abdulaziz Abdullah Al Naeem as an independent director, effective from 1 April 2026.
Al Naeem fills the vacancy left by former independent member Karim Mohammed Bashti and will serve the remainder of the current board term, which is scheduled to conclude on 16 December 2029.
