Riyadh – Mubasher: The board Chubb Arabia Cooperative Insurance Company recommended on 11 April not to pay cash dividends for 2020, according to a disclosure to Tadawul on Sunday.

The proposal of halting dividend distribution aims at continuing support for the future growth of business activities while preserving solvency margin.

Chubb Arabia added that the recommendation will be submitted for the shareholder’s approval during the general assembly meeting, which will be scheduled at a later date.

The insurance company achieved a 15.27% annual growth in net profits before Zakat to SAR 40.8 million in 2020 from SAR 35.398 million.

The Saudi Central Bank (SAMA) has recently given the green light for Chubb Arabia to increase the capital by SAR 100 million.