Shareholders registered in Tadawulaty services can vote on the items on the agenda of the general meeting online from Saturday at 01:00 on 6 June 2023 corresponding to 14-11-1444H and continues until the end of the general meeting. Eligibility for attendance registration and voting ceases when the meeting of the general meeting takes place.
We have capabilities that we will double its role
Mohammed bin Salman bin Abdulaziz Al Saud
7 Companies inside or outside the Kingdom in which a member of the company's board is a member of its current and previous boards or one of its directors. 24 The number of the company's requests relating to the shareholder register, the dates and reasons for such requests.
Company’s Activity
About the Company
Human resources Department The Most Important
Training Workshops 179
Training Workshops
Electronic Sales
Sales Department
Marketing
Strengthening internal and external
SALAMA Cooperative Insurance Company provides integrated insurance solutions in the field of cooperative insurance, and the number of general insurance products and branches offered by the company has reached (29) products. SALAMA Cooperative Insurance Company conducts all its activities in accordance with the rules and regulations applicable to cooperative insurance in the Kingdom of Saudi Arabia and approved by the Saudi Central Bank.
General Insurance
SALAMA Cooperative Insurance Company aims to provide medical service and health care with the highest standards of quality and professionalism, as it seeks in turn, in cooperation with GlobeMed, to ensure the fulfillment of the required services for all target segments. Further, the Company developed its product (Raha) to include more than one category of insurance (A, B, C0222-, C0333-) to meet the requirements of owners of institutions and small and medium enterprises in accordance with the conditions and product conditions.
Health insurance
In 2022, an operational plan was developed to increase productivity in general insurance products while maintaining adequate loss ratios to ensure profitability.
Underwriting
Operation Department
The company renewed reinsurance agreements with a group of the best international reinsurance companies with high credit ratings, as shown in the table. The Company managed to increase its capacity by concluding several reinsurance agreements, which enabled it to provide excellent support and services to the Subscription Division and to respond quickly to the needs of the local market.
Reinsurance
Information Technology Department
OPERATION RATE
Cybersecurity Department
Customer care Department
Quality and Development
ComplaintsCall
Center
CareEmpowerment
Sustainability
Awareness &
Monitoring
Compliance and Anti-Money Laundering and Terrorist
Internal Audit
DISCLOSURE &
TRANSPARENCY of all matters of interest
Governance Department
Legal Department
Fraud Department
Otherwise, there is no subsidiary of SALAMA Cooperative Insurance Company inside or outside the Kingdom. SALAMA invests in Sukuk of the Kingdom of Saudi Arabia at an amount of 60 Million Riyals. As for the rest of the investments, they are Islamic investment funds, DPM and deposits with local banks and ¬financial institutions, with a value of 259.8 Million Riyals.
The cooperative insurance company Salama confirms that the company has no loans and there are no amounts that the company would pay during the year to repay the loans.
Investment
Expected Future Risks
Risk Management
Risk Strategy
Risk Management Department
M/S Shareholders of Salama Cooperative Insurance Company,
Greetings,
Corporate Governance
Board's Statement
Mr. Ahmed Tariq Murad
Mr. Mazen Ibrahim Abdul Salam
The Board of Directors and Committees
Mr. Raed Abdulmalik Al Qasim
Mr. Akram Omar Jad
Mr. Khaled Jaber Al-Zaidi
Mr. Abdul Rahman Abdullah Al-Zahrani
Mr. Montaser Mohammed Foudah
Mr. Adnan Jameel Khoja
Mr. Bader Khalid Alanzi
Mr. Abdullah Adel Sultan
Mr. Mohammed Taha Al-Safi
Mr. Wael Abdulrahman Al-bassam
Executive Committee
Audit Committee
Nomination and Remuneration Committee
Investment Committee Risk Committee
Brief Description of the Competence of the Executive Committee
The Board Committees
Reviewing the CEO's recommendations regarding the allocation of the Company's resources, aimed at achieving alignment between the Company's strategic plans and its long-term operational objectives. Periodically reviewing the strategic plans and operational objectives of the Company and its subsidiaries (if applicable) to ensure their consistency with the Company's objectives. The Committee prepares recommendations to the Board of Directors regarding the Company's operational priorities and relevant strategies.
Reviewing the company's financial aspect in cooperation with the company's management and the audit committee. Determining the risks that the company may face and maintaining an acceptable level of risks associated with the company.
Brief Description of the Competence of the Risk Committee
The committee monitors the efforts of the CEO and senior management and makes recommendations in this regard. Notification to the board in the event of the existence or emergence of a conflict of interest as a result of the decisions made by the committee. Preparation of an annual audit and evaluation of the activities of the committee and its members.
Verifying the feasibility of the company's sustainability and the successful continuation of its activities, together with identifying the risks that threaten its continuation in the next twelve months. Reviewing and reassessing the company's risk appetite and the extent of its risk exposure on a regular basis.
Risk Committee
Verifying that risk management personnel understand the Company's risks and work to raise awareness of the risk culture. The minutes of the meeting of the Risk Management Committee will be presented to the Board of Directors for information and knowledge. When necessary, the Committee has the right to seek external advisory services to carry out its duties, at the expense of the Company, after obtaining the approval of the Board of Directors.
A member of the audit committee must not have a direct or indirect interest in the business and contracts entered into for the company. The Company may not issue or renew any insurance for any of the members of the Audit Committee or the related parties until the full premium due has been paid.
Brief Description of the Competence and Duties of the Audit Committee
The members of the Audit Committee shall be responsible to the Saudi Central Bank, the shareholders of the Company and the Board of Directors of the Company for the implementation of the provisions of this regulation and for the implementation of the action plan of the Audit Committee issued by a resolution of the Board of Directors . A member of the Audit Committee may not participate in any business that would compete with the Company, or market the activities carried on by the Company, and the Company may claim compensation for any damage caused by it as a result of an action or such behavior. The Committee oversees the implementation of the Investment Policy and the operations of the Company's investment portfolio within the practical framework of consistent strategy and risks.
The Committee continuously monitors the performance of the Company's investment portfolios and submits reports on a quarterly basis. This Policy may be amended only after the approval of the Board of Directors on any amendment.
Brief Description of the Competence of the Investment Committee
The Committee comprehensively reviews, on an annual basis, the appropriateness of the overall investment policy in light of the Company's activities, overall risk tolerance, long-term risk return requirements and solvency ratio. The Committee conducts a comprehensive assessment of investment and asset management service providers and external investment-related parties on an annual basis to ensure the stability of the terms on the basis of which these entities are appointed and that there are no material changes that could lead to the Company reconsidering its relations with such entities. The Committee exercises all the powers given to it to carry out its duties towards the shareholders and the Company's strategy.
The Committee is responsible for preparing the Company's investment policy, which will be submitted to the Saudi Central Bank and obtain approval for it. The Committee prepares and formulates the Company's Investment Policy, monitors its implementation and annually obtains the approval of the Board of Directors for it.
Investment Committee
The Committee takes the necessary steps to inform the concerned employees, directly and indirectly, about the investment activities and ensures that they understand them. The Committee sets limits for asset allocation according to geographical areas, financial markets, relevant sectors, securities and currencies. The Committee's responsibilities include making investment decisions pursuant to the delegation of authority granted by the Board of Directors.
The Committee reviews due diligence reports prepared by external asset managers or third parties providing investment-related services. Subject to any instructions from the Saudi Central Bank or the Board of Directors, the Investment Committee shall exercise all powers delegated to it by the Board of Directors and shall cooperate with the CEO and the Managing Director with respect to investment decisions.
Brief Description of the Competence of the Nomination and Remuneration Committee
Executive Management
Bader Khaled Dhaar Al-Anzi
Ammar Ahmed Hamza Ghurab
Mohammed Nasser Abdul Aziz Al-Wahbi
Ahmed Tariq Murad
Mazen Ibrahim Abdul Salam
Raed Al Qasim
7 Companies inside or outside the Kingdom wherein a Member of the Company’s Board of
Akram Omar Jad
Khaled Jaber Al-Zaidi
Montaser Mohammed Foudah
Adnan Jamel Khoja
Bader Khalid Alanzi
Khaled MuhammedSalem Bajnaid
Abdullah Adel Sultan
Mohammed Taha Al-Safi
Wael Abdulrahman Albassam
Composition of the Board of Directors and Classification of its Members
9 Action taken by the board of directors to inform its members of the shareholders’
Recommendations and comments regarding the company and its performance
Penalties imposed on the company by the authority or any supervisory authority
Ownership of major shareholders and members of the board of directors
Montaser Mohammed Foudah Adnan Jamel Khoja Bader Khalid Alanzi Abdullah Adel Sultan Khaled MuhammedSalem Bajnaid.
Independent Boar Members
Health insurance for employees and their dependents and life insurance for employees in.
Executive Management Remuneration
Compensation and benefits received by five of the company's senior executives, including the Chief Executive.
Remuneration Policy
The remunerations were distributed based on the
Policy without any substantial deviation
The Relationship between the Remunerations Granted and the Remunerations Policy
Second
Annual Audit of the Effectiveness of the Company's Internal Control Procedures
First
The Company's Social Contributions
Attendance Record
15 The General Assemblies of Shareholders Held during the Financial Year and the Names of the Board
The Company's Important Plans and Decisions
Future Outlook for the Company's Business
Workshops and Courses for Members of Board of Directors
The insurance industry has long been a special case in terms of financial reporting, and the complexity of insurance in terms of its long-term nature and the inherent difficulty in determining the "return" found in any other business makes it different. 2021 witnessed the start of the application of IFRS 17, which aims to standardize insurance accounting at a global level to improve the comparison process and increase the degree of transparency.
The Company's Risks
The Company's Assets and Liabilities
Schedule of distribution of gross written premiums according to the geographical regions of the Kingdom of Saudi Arabia.
Geographical Analysis of the Total Revenues of the Company and its Subsidiaries
Revenues
Costs And Expenses
Statement of shareholder operations
Description of the Company's Policy in Distributing Dividends
End of cycle End of cycle End of cycle End of cycle Present Present Present Present Present Present Sixth 13/09/2022. End of cycle End of cycle End of cycle End of cycle End of cycle Present Present Present Present Present Present Present Seventh 26/10/2022. End of cycle End of cycle End of cycle End of cycle End of cycle Present Present Present Present Present Present Ninth 12/18/2022.
End of cycle End of cycle End of cycle End of cycle End of cycle Attended Attended Attended Attended Attended Eighth 11-3-2022.
Board of Directors Meetings
General Meeting General Meeting Company Procedures Company Procedures General Meeting Company Procedures Company Procedures General Meeting General Meeting.
RELATED PARTY TRANSACTIONS
24 Number of company requests regarding the share register, dates and reasons. Key management is a person who has the authority and responsibility to directly or indirectly plan, direct and control the company's activities and includes top management, including the company's chief executive officer and chief financial officer. The following table shows the compensation of the board of directors, committees and key management personnel for the year then ended.
Statement of the Value of the Statutory and Due Payments
Auditor's Opinion
A Note of Appreciation to the Shareholders of Salama Cooperative Insurance Company
The internal control system is well built and is being implemented effectively in the best possible way. The Audit Committee found that there is a fundamental weakness in the internal control systems and procedures established by the company and that the internal control system in the company should develop some of its components and should develop appropriate risk control tools. applied by the company to keep up with business volume and company requirements. Article 93(4/B): Five senior managers who have received the highest remuneration from the Company, provided that among them are the chief executive officer and the chief financial officer.
The company has committed to disclose the total elements of the remuneration of the senior executive management in accordance with the statutory requirements of Article 93(4-b) of the Corporate Governance Regulations. To protect the interests of the Company, its shareholders and its employees, and to avoid any damage that may result from the disclosure in details such as per job titles and positions, description of compensation is therefore not presented.
Statements
