Riyadh – Mubasher: Allianz Saudi Fransi Cooperative Insurance on Monday disapproved awarding remuneration of SAR 708,500 for 2016.

The decision was based on the board's and auditors’ reports for 2016, in addition to the profit and loss statements for the year, according to a bourse filing on Tuesday.

The Saudi-listed firm’s profits retreated 28.58% to SAR 5.07 million in the fourth quarter of 2016 from SAR 7.1 million in the year-ago period.