Arab Insurance Group (ARIG), which is listed on Bahrain and Dubai, announced that shareholders approved on Monday the distribution of cash dividends at 5% of capital, or $0.05 per share, totaling $9.9 million.

Shareholders also gave the go ahead for retaining $4.15 million profits.

The insurance group posted a 23% fall in 2014 net profits to $11.4 million, compared with $14.87 million a year earlier.