CHUBB GA to Vote June 25 on Withholding 2024 Dividend

CHUBB Arabia Cooperative Insurance Co. announced on Tuesday that its Board of Directors invited shareholders to attend the Ordinary General Assembly Meeting, scheduled to be held virtually on June 25, to vote on 16 key agenda items, including the recommendation not to distribute cash dividends for the fiscal year ending Dec. 31, 2024.

According to the company’s statement on Tadawul, the Meeting will include the following items:

1. Review and discussion of the Board of Directors’ report for FY 2024.

2. Vote on the auditor’s report for FY 2024.

3. Review and discussion of the company’s financial statements for FY 2024.

4. Vote on the business and contracts concluded for the fiscal year ending Dec. 31, 2024 between the company and El-Khereiji Real Estate Company, in which the members of the Board of Directors, Mr. Mohammed Abdul Karim Al-Khereiji and Mr. Abdulaziz bin Abdul Karim Al-Khereiji, have an indirect interest. These contracts are insurance contracts for a period of one year without any preferential terms, in the amount of SAR 545,082.

5. Vote on the business and contracts concluded for the fiscal year ending Dec. 31, 2024 between the company and El-Khereiji Trading and Electronics company, in which the members of the Board of Directors, Mr. Mohammed bin Abdul Karim Al-Khereiji and Mr. Abdulaziz bin Abdul Karim Al-Khereiji, have an indirect interest. These contracts are insurance contracts for a period of one year without any preferential conditions, for an amount of SAR 28,252.

6. Vote on the business and contracts concluded for the fiscal year ending Dec. 31, 2024 between the company and the Saudi Ceramics Company, in which the members of the Board of Directors, Mr. Mohammed bin Abdul Karim Al-Khereiji and Mr. Abdulaziz bin Abdul Karim Al-Khereiji, have an indirect interest. These contracts are insurance contracts for a period of one year without any preferential conditions, amounting to SAR 132,311.

7. Vote on the business and contracts concluded for the fiscal year Dec. 31, 2024 between the company and Knowledge Enrichment Co., in which the members of the Board of Directors, Mr. Mohammed bin Abdul Karim Al-Khereiji and Mr. Abdulaziz bin Abdul Karim Al-Khereiji, have an indirect interest. These contracts are insurance contracts for a period of one year without any preferential conditions, in the amount of SAR 21,610.

8. Vote on the business and contracts concluded for the fiscal year Dec. 31, 2024 between the company and Al-Khuraiji Contracting Company, in which the members of the Board of Directors, Mr. Mohammed bin Abdul Karim Al-Khereiji and Mr. Abdulaziz bin Abdul Karim Al-Khereiji, have an indirect interest. These contracts are insurance contracts for a period of one year without any preferential conditions, in the amount of SAR 31,469.

9. Vote on the business transactions and contracts concluded for the fiscal year ending Dec. 31, 2024, between the Company and Chubb Group, of which Chubb INA International Holdings Limited is also a member. The Company is represented by three members of the Board of Directors: Mr. Stephen Brian Dixon, Mr. Giles Richard Ward, and Mr. Nikolai Dmitriev. These transactions consist of reinsurance transactions for one year, without any preferential terms, amounting to SAR 57,317,508.

10. Vote on the business and contracts concluded for the fiscal year Dec. 31, 2024 between the company and El-Khereiji Trading and Electronics Company, in which the members of the Board of Directors, Mr. Mohammed bin Abdul Karim Al-Khereiji and Mr. Abdulaziz bin Abdul Karim Al-Khereiji, have an indirect interest. These contracts are lease contracts for buildings, the company’s main office and the Riyadh branch, for a period of one year without any preferential conditions, in the amount of SAR 1,661,857.

11. Vote on the business and contracts concluded for the fiscal year Dec. 31, 2024 between the company and the General Maintenance Center for cars, in which the members of the Board of Directors, Mr. Mohammed bin Abdul Karim Al-Khereiji and Mr. Abdulaziz bin Abdul Karim Al-Khereiji, have an indirect interest. This is to provide maintenance services to customers’ vehicles for a period of one year without any preferential conditions for an amount of SAR 3,403,500.

12. Vote on the business and contracts concluded for the fiscal year Dec. 31, 2024 between the company and Al-Khwarizmi Actuarial Services Company, in which the members of the Board of Directors, Mr. Mohammed bin Abdul Karim Al-Khereiji and Mr. Abdulaziz bin Abdul Karim Al-Khereiji, have an indirect interest, which is to provide actuarial services for a period of one year without any preferential conditions for an amount of SAR 5,000.

13. Vote on the business and contracts concluded for the fiscal year Dec. 31, 2024 between the company and Taysers Reinsurance Brokerage Company, in which the members of the Board of Directors, Mr. Mohammed bin Abdul Karim Al-Khereiji and Mr. Abdulaziz bin Abdul Karim Al-Khereiji, have an indirect interest. These contracts are reinsurance transactions for a period of one year without any preferential terms, amounting to SAR 2,847,647.

14. Vote on appointing the (auditor/s) for the Company from among the candidates based on the Audit Committee’s recommendation. The appointed auditor/s shall examine, review and audit the (second, and third) quarter and annual financial statements, of the fiscal year 2025, and the first quarter of the fiscal year 2026 and the determination of the auditor’s (s’) remunerations.

15. Vote on paying an amount of (SAR 2,013,649) as remuneration to the Board members for the fiscal year ending on Dec. 31, 2024.

16. Vote on the deciding of board proposals relating to non-distribution of dividends for the year ended Dec. 31, 2024.