CHUBB Arabia shareholders approve ‘no dividend’ for 2022

Logo of CHUBB Arabia Cooperative Insurance Co.

CHUBB Arabia Cooperative Insurance Co.’s shareholders approved, on June 13, withholding dividend for 2022, according to a statement to Tadawul.

Shareholders also approved all other items on the meeting’s agenda including a number of contracts in which some board members have indirect interests.

In March, the insurer’s board of directors recommended withholding the distribution of cash dividends for 2022 to support the future business growth and maintain the solvency margin, according to data available on Argaam.

CHUBB Arabia reported a net profit of SAR 2.4 million in the first nine months of 2022, a 68% decline from SAR 7.5 million a year earlier, as per the latest financial data disclosed by the company.