The Company's objective is therefore to ensure that sufficient reserves are available to cover these obligations. The Company also monitors the concentration of risks by evaluating multiple risks covered in the same geographic location. The Company believes that the claims obligations under the insurance contracts outstanding at year end are sufficient.
Reinsurance companies are selected using the following parameters and guidelines established by the Company's board of directors. The company is exposed to interest rate risk on its murabaha deposits and investment in Sukuk. For all classes of financial instruments held by the Company, the maximum credit risk exposure for the Company is the carrying amount as disclosed in the statement of financial position.
Adjustments to current capital levels are made in light of changes in market conditions and the risk characteristics of the Company's activities. Accordingly, the Board of Directors is evaluating the Company's options to restore the solvency margin to an appropriate level.
The following table shows the comparison for the income statement items (in thousands of Saudi riyals)
The following table shows the comparison for the financial position statement items (in thousands of Saudi Riyals)
This is due to a 131% increase in total gross premium income for motor insurance and a 31% increase in property and casualty insurance. The following table shows the distribution of gross premiums written by industry (in thousands of Saudi riyals):
The following table shows the distribution of Gross premiums written by line of business (in thousands of Saudi riyals)
- The following table shows the geographical distribution of the total Gross premiums written by regions (in thousands of Saudi riyals)
- Substantial Differences in Operational Results (in thousand SAR)
- Earnings per Share
- Corporate Governance Regulation
- The Ordinary General Assembly
- Board of Directors
The net profit from the Policyholders' investments during the. increase of 77%, compared to the year 2021, due to an increase in the Murabah deposit rate and realized gains on the sale of shares. The reason for the decrease in net loss earlier. zakat during the current year 2022 compared to. the net loss of the previous year, 2021, was mainly due to the increase. in net premiums earned by 16%, an increase in net investment income by 242%, and a chargeback of 11 million Saudi riyals. The Extraordinary General Meeting of the company, held on November 23, approved resolution No. 1 of the Board of Directors. 75), dated to adopt and immediately enforce the updated Corporate Governance Ordinance and associated regulations.
The Ordinary General Assembly, based on the recommendation of the Board, establishes a policy that guarantees a balance between its objectives and those of the community for the purpose of developing the social and economic conditions of the community. Guidance Article - The required performance evaluation of the Chairman of the Board may be conducted at a later date. An audit committee shall be formed by a resolution of the General General Meeting of the Company and the members of the audit committee shall be from the shareholders or others, provided that at least one of its members is an Independent Director and that no The Executive Director should not be among them. its members...".
A committee shall be constituted by resolution of the board of directors, to be called (Risk Management Company), the chairman and majority of the members of which shall be non-executive members of the board of directors, who shall have reasonable knowledge of risk management and financial affairs. According to the position, the details are not shown as contained in Appendix (1) of the Senior Executives. Approval to relieve the members of the Board of Directors of any responsibility for the year ending December 31, 2021.
Khalid Al-Ghurair (as Independent Board Member) in the vacant seat in place of the resigned member Mr. Approval of the business relationship between the Company and ACE Insurance Brokers Ltd., (ACE) where the Chairman, HH Prince Ahmad Bin Khalid Al-Saud has an indirect interest of 11.13%. The contract with ACE is for an indefinite period, unless one of the parties notifies the other of its intention to terminate with 60 days' notice.
Approval of the business relationship between the Saudi Arabian insurance company B.S.C.(c) in which the chairman Prince Ahmad Bin Khalid Al-Saud and Dr. George Medawar have an indirect interest, as they are both members of the boards of directors of both companies.
Effectiveness
The members of the board of directors cannot vote on the remuneration of the members of the board of directors at the general meeting. A board member who holds a professional license may, in addition to the remuneration he may receive as a board member, receive remuneration for any executive, technical or advisory work or position assigned to him in the company. and/or in commissions formed by the board of directors, in accordance with the Companies Regulation and the company's articles of association. The remuneration of the independent members of the board of directors may not be proportional to the company's profit, nor may it be directly or indirectly based on the company's profitability.
If the remuneration paid to any member of the Board turns out to be based on incorrect or misleading information brought to the General Assembly or included in the annual report of the Board of Directors, the member of the Board shall return the same to the company which shall has the right to request its reimbursement. If the General Assembly decides to terminate the membership of a member of the Board of Directors, the member is not entitled to any remuneration and shall return all remuneration paid for the period during which the membership was withdrawn. Compensation and allowances will be paid to members of the Board and members of Board Committees on an annual basis.
The annual remuneration is divided between the two members of the Board of Directors in the event of resignation and the appointment of a new Board member, depending on the date of appointment, and among the members of the Board in the event of the end of the Council's term and the commencement of a new term, depending on the commencement date of the term. The report of the Board of Directors shall include a comprehensive statement of all the remuneration, attendance allowance, expenses and other benefits obtained by members of the Board of Directors during the financial year, as well as a statement of what has been received by the members. of the Board as employees or administrators or for technical, administrative or consultancy work previously approved by the Company's General Meeting. At the beginning of the year, the Company's overall objectives, the specific objectives of the executive officers, their individual performance indicator and the ratio of contribution of each sector or department in relation to tasks and responsibilities will be approved.
The values of the managers' bonus will be proportional to the net profit of the company, the contribution of the sector and the individual contribution of the executive in achieving the objectives of the company, as well as the duration of the active service of the executive in the evaluation year. Executives will not be entitled to any annual bonus unless 80% of the financial target approved at the beginning of the year is achieved. No executive director of a sector that has not met 75% of the objectives set at the beginning of the year should not be rewarded.
The bonus and its ratio will be reviewed in the light of performance indicators if, in a given financial year, the Board of Directors decides to award shares in the Company to members of the Executive Management.
Board of Directors' Remuneration for the year 2022 (SAR)
Members of Committees' Remuneration for the year 2022 (SAR)
The Remunerations of Senior Executives for 2022 (SAR)
Senior
CVs For Board Members
Prince Ahmad bin Khalid Al-Saud Current Position
Mr. Abdulaziz Ali Abussuud Current Position
Dr. George Shaheen Medawar Current Position
Mr. Khalid Saleh Al-Ghurair Current Position
Mr. Saleh Abdulrahman Al-Helaissi Current Position
CVs of Members of the Committees
Mr. Khalid Saleh Al-Ghuriar Current Position
Mr. Saleh Abdulrahman Al-Helissi Current Position
CVS for the members of the executive management
He holds a bachelor's degree in economics in 1977 from Bocconi University, Italy from 2007 to date, he has been the CEO of Saudi Arabian Cooperative Insurance Company (SAICO) (a listed Saudi Arabian joint stock company working in the field of insurance). Before that, he held the position of General Manager of the Saudi Arabian insurance company BSC, Bahrain (a closed Bahraini joint-stock company operating in the field of insurance) in the period from 1988 to 2007. He held the position of Director of Al-Yamamah Insurance Company in the Kingdom of Saudi Arabia ( a company that operated in the field of insurance) in the period from 1981 to 1987.
He worked as an insurance underwriting officer at the National Insurance Company in Jeddah (a joint stock company operating in the insurance field) during the period from 1978 to 1981.
Khaled Ballow Executive Vice President of Sales Qualifications, experience and previous positions
- Current or Previous Participation of the Chairman and Members of the Board of Directors in the Boards of Directors of Other Joint Stock Companies
- The Board held Five meetings during the year 2022, and following is a list of the attendance record
- The table below shows the shareholdings of members of the board of directors, senior executives, and their wives and minor children in the company
- Contracts in which the company is a party and there is an interest for one of the members of the board of directors
- Board Committees
- Shareholders' Rights and the General Assembly
- Voting Rights
- Results of the annual review of the effectiveness of the internal control system
- Information concerning any business or contract to which the Company is a party, or in which a member of the Board of Directors or Chief Executive, or any person related to
- Acknowledgments
- Penalties and Sanctions
Names of companies inside or outside the Kingdom of which a member of the board of directors was a board member or director. Description of any interests, contractual documents and subscription rights of the members of the management board and their relatives in the shares or debt instruments of the company. There are no interests, contractual documents and subscription rights in the company's shares belonging to senior executives and their wives and minor children.
Review and preparation of recommendations for the Board of Directors on strategic and operational issues of the company. The main function of the Audit Committee is to assist the Board of Directors in performing its supervisory duties efficiently and effectively. Submit periodic reports to the Board of Directors on the performance of the investment portfolio.
Advising the board of directors on the effectiveness of the company's risk management framework. A quorum of 35.40% of the company's capital was declared for the regular general meeting (first session). The company enabled shareholders to exercise their right to discuss topics on the agenda of the general meeting and direct questions to members of the board of directors and auditors.
Provide periodic reports to the Audit Committee and management summarizing the results of audit activities. Focused internal audit work on high-risk activities and functions and on improving the effectiveness and efficiency of the company's operations. Furthermore, there are no interest or subscription option rights for members of the Board of Directors, senior managers or their family members on the company's shares.
There is no arrangement or agreement whereby a member of the Board of Directors or a Senior Manager waives any salary or remuneration. There is no arrangement or agreement whereby one of the Company's shareholders waives any profit rights. The Board of Directors made no recommendation to change the auditors before the expiry of the contracted period.
Conclusion
Board of Directors
