Riyadh - Mubasher: Mutakamela Insurance Company has announced the successful conclusion of its Ordinary General Meeting (OGM), held on 30 June 2026.
During the virtual session, shareholders approved the company’s financial results for the fiscal year ending 31 December 2025, discharged the board of directors from liability, and ratified several high-value related party transactions involving major financial institutions and insurance entities.
The meeting, which achieved a quorum with a 65.51% attendance rate, was chaired by Khalid Al Suwailem. Key board members and committee heads were present, including representatives from the Audit, Nomination and Remuneration, Risk, and Investment committees.
The assembly served as a comprehensive review of the company’s operational and financial standing for the previous fiscal year.
Shareholders overwhelmingly approved the board's report and the audited financial statements for 2025, with both items receiving over 99.8% support.
Furthermore, the external auditor’s report was ratified, and the board members were officially discharged from liability for their management during the 2025 fiscal year.
In a significant administrative move, the assembly approved the appointment of external auditors to review and audit the financial statements for the second and third quarters of 2026, the full 2026 fiscal year, and the first quarter (Q1) of 2027.
Additionally, shareholders approved a request from Deloitte to adjust its previously agreed-upon audit fees. The adjustment includes an increase of SAR 250,000 for the audit cycles covering the latter half of 2025 and Q1-26, bringing the total revised fee to SAR 1.65 million.
The assembly also authorized the distribution of SAR 1.962 million in remuneration to the members of the Board of Directors for 2025.
A substantial portion of the meeting focused on the approval of business contracts and transactions with related parties. These agreements were ratified under the condition that they involve no preferential terms and remain valid for one year.
Notable approvals included:
Transactions with Banque Saudi Fransi and its subsidiaries, where board member Majed Al Sadhan holds an indirect interest. These included insurance contracts valued at SAR 7.39 million with the bank, SAR 733,754 with Saudi Fransi Capital, and a significant SAR 16.07 million with the bank’s leasing and insurance agency arms.
The largest single related party approval involved Abu Dhabi National Insurance Company (ADNIC). Several board members, including Jugal Madan, Stefano Nalin, Hussam Mansour, and Elena Stukanova, hold executive positions at ADNIC. The assembly approved reinsurance transactions with ADNIC totaling SAR 164.80 million for 2025.
While still passing with a clear majority, these related party items saw a lower approval rate of approximately 78% compared to the nearly unanimous support for the financial reports.
