Riyadh – Mubasher: Al Etihad Cooperative Insurance Company’s general assembly approved the board's recommendation not to distribute cash dividends to shareholders for fiscal year (FY) ended on 31 December 2019.

A remuneration worth SAR 1.40 million will be granted to board members for 2019, according to a stock exchange statement on Thursday.

Moreover, the assembly approved the financial statements for FY 2019 and discharged the Board of Directors from liability for 2019.

Last year, the insurer’s net profits stood at SAR 64.3 million from SAR 88.14 million in 2018, down by 27%.