Riyadh-Mubasher: Al Alamiya for Cooperative Insurance Co. said its board of directors on Wednesday recommended withholding dividends for 2015, according to a bourse statement.

The dividend freeze proposal is aimed at strengthening the company’s solvency margin and supporting the future growth of its businesses. 

The general meeting held last June approved withholding dividends for 2014.

The insurer posted SAR 27.28 million in net earnings before zakah for 2015, against net losses of SAR 28.1 million in 2014.