Mubasher: The board members of Al Alamiya for Cooperative Insurance recommended not to distribute a dividend for fiscal year 2016, according to a bourse statement issued on Wednesday.

This proposal was disclosed “in order to continue to strengthen the solvency margin and support the future growth of the business,” the statement noted.

The board’s recommendation will be placed for approval before the ordinary general meeting (OGM), the date of which will be determined later.

During FY16, Al Alamiya achieved a growth of 69.91% in profits to SAR 46.35 million from SAR 27.28 million in FY15.