Discussion of the company's financial situation and follow-up on the management's preparation and implementation of appropriate corrective plans. Discussing the progress regarding the implementation of IFRS 17 & 9 and the results of the first, second and third dry runs with the company's management and the external auditors.
Malath
MALATH’S STRATEGY POSITIONS THE COM- PANY FOR LONG-TERM SUCCESS
Vision
Mission
Values
2022 was a year of transition as we continued to navigate the ongoing impacts and uncertainties of the economic environment. But we remained focused on supporting our customers, partners, shareholders and the communities we serve.
Statement
We will continue to proactively engage with our stakeholders to provide the necessary support as we all continue to learn more about the impact of rising inflation on the global economy and insurance industry. Purpose and long-term success are driven by operational excellence, which we maintained last year despite the volatile economic environment.
Mr Mohammed Ali Al Ammari
Mr Bader Bin Ali Al Ali
Mr Amr bin Abdullah bin Shalhoub
Mr Amr bin Abdul Razzaq Alnemari
Mr Fawaz bin Abdul Rahman Al-Hijji
Mr Mamdouh bin Saud Al Sharhan
Mr Abdul Hamid Abdulaziz Al-Ohali
Mr Yasser Rashid Al-Rasheed
Head of the Management Team at the General Administration of Management at Saudi Telecom Company. Legal Adviser for Management Affairs at the General Secretariat of the Board of Directors at Saudi Telecom Company.
Mr Muhammad Abdul- lah Al-Jumaa
Executive
Management
Report
Macro
It focuses on strengthening the existing regulatory environment to address challenges in the insurance sector. The world is currently witnessing tremendous developments in the insurance sector driven by financial technology.
Macro Overview
It encourages companies to provide innovative technology solutions that facilitate the experience for recipients and stakeholders. The use of artificial intelligence in the sector is helping to improve insurance services for the beneficiaries.
Business
Malath Cooperative Insurance is committed to customers, partners, and investors by reinvesting
Value Proposition
Inputs
The Approach
Services & Features
Facilities
Value Creation
Malath is ensuring she has the right expertise to succeed, ensuring the Company is well equipped for whatever the future brings. During the year under review, the Company invested in its digital capabilities to respond to the needs of its customers in order to remain their provider of choice.
Digitalisation Stewardship
The company's vision is to shift from simple digital marketplaces to more complex scopes that cross cross-sector boundaries. The company is committed to being transparent about data handling, protection and its privacy policy, as this is a critical factor for customer trust. The flexible operating model means that the company can cope with economic and market volatility and take advantage of industry changes.
A Balanced Products
02 Malath Strategy (continued)
Customers and partners are at the heart of Malath's strategy; the company achieves its common goals through its human capital. The company's HR staff tends to lead talent management efforts by improving productivity, increasing quality, managing knowledge, implementing change, participating. By investing in their people, the Company can ensure that they attract and retain the best talent.
A Trusted Brand with Talented People
Most of the Company's growth is driven by the momentum of the sub-segments in which it operates. Focusing on products, channels, customers or regions that are growing above the industry average leads the company to higher growth potential. The company aims to take a forward-looking approach and rethink how work is done in processes that balance profitability growth and regional presence.
Regional Presence and
Across the Kingdom, stakeholders have a voice in shaping auto and insurance strategy, setting priorities, implementing actions, promoting results and capturing benefits. The ability to offer a broader base of services and business streams, implement a diversified portfolio, present a cohesive brand and communicate with one voice across all regions in Saudi Arabia will lead to Malath becoming the chosen insurer of KSA is becoming.
SAUDI ARABIA
Malath offers Group Medical Insurance Program is designed to suit the needs of various business enterprises from Small, Medium and Large Corporates. The SME scheme was developed in a way that guarantees speed, easy access and a wide selection of different plans to suit enterprises.
05 Malath Strategy (continued)
Improvement in Medical
The growth in automotive and general strategy aims to build on Malath's significant experience and history of action, to evolve to meet customers' changing needs, while strengthening the organization's potential to provide integrated, multi-sector design and implement policies and programmes. Malath Cooperative Insurance operates a vertically integrated auto insurance line, including a program that provides comprehensive coverage of the insured vehicle and third party liability insurance.
06 Malath Strategy (continued)
Growth in Motor
Since its establishment, Malath has considered risk management as an integral part of its operations and. The company continuously optimizes the risk management framework and standardized risk management procedures and adopts qualitative and quantitative risk management methods to identify, evaluate and mitigate risks. Malath strives to promote a strong risk management culture supported by an effective governance structure in line with risk management leadership.
Risk
Due to the importance of this role, Malath has adopted a plan of three lines of defense as part of the risk management plan.
The First Line of Defence The Second Line of Defence
Malath seeks to ensure that there is no event or series of events that could cause contrast in the result in accordance with its risk tolerance, which means that the effectiveness of risk management is constantly improved.
Risk Management and Controls
Strategic Risk
Malath has introduced BCP, which defines all risks that could impact the company's operations, making it an important part of the organization's risk management strategy.
Operational Risk
Technological Risk
Sales risk can result in sales failures and can significantly affect the company's financial performance. Accordingly, any changes, additions or new policies in the insurance legislation could have a negative impact on the business, financial position and results of the company's operations. In the event that the company does not act in accordance with the Act on the Supervision of Cooperative Insurance Companies and its by-laws.
Competitiveness Risk
The law defines the framework of insurance companies in relation to lines of business, capital and surplus requirements, the size of insurance claims, the scale and types of investments. The business of insurance companies is regulated and monitored by the Saudi Central Bank, which has full authority to take the necessary measures to regulate the sector, including issuing approvals for business permits or amending them, approving the offering of insurance products and their types. , impose fines, penalties and others.
Applying IFRS 17
Business Continuity Management
The company focuses on digital transformation of the front office and the development of a multi-channel approach, improving the customer experience both by streamlining processes through automation, as well as by providing personalized services where necessary and priority interaction with customers, with a focus on integration. The company's systems and platforms to create the ability for insurance agents to have seamless conversations with customers across multiple channels. The company's strategy is aimed at creating value for the company and society as a whole.
MOTOR
It is flexible because it covers the insured vehicle against third parties, regardless of the date of issuance of the third party insurance policy or of an insurance company. This insurance is one of the latest solutions to add insurance for the vehicle that is systematically matched to third party insurance. The increasing population and diversification of the country's economy are among the key factors driving the Saudi health insurance market.
Malath’s goal is to become the
Developments planned for 2023
Prospects for 2023
Financial
Sustainability
The company arranges online and offline training activities of high quality according to the needs of the employees. Shareholders may send their inquiries or requests in the exercise of such rights to the Company's Investor Relations team. The company must provide the relevant information after verifying the shareholder's identity.
Managing Risk
Integrity
Engagement
Malath formulates its employee code of conduct covering the following aspects
Malath creates meaning for its employees by connecting their work to the company's core purpose. In addition to the company's focus on gender balance, Malath supports Saudization and a host of other initiatives from the Kingdom's 2030 Vision. In terms of social responsibility with the Jew Aleiskan platform, the company's employees have made a donation of more than SAR 49,000 for four human cases.
Governance
In addition, the Audit Committee may request the Board of Directors to convene the General Meeting of the company if its activities are hampered by the BOD or the company has suffered serious damage or danger. Reviewing the reports of the Regulatory Audit Department or the Regulatory Observer and making recommendations thereon. Reviewing reports from the internal audit department or internal auditor and making recommendations to the BOD.
Composition of Board Committees
The exercise of the full powers and privileges of the BOD in the cases of failure to. Reviewing the details of the company's action strategy and submitting recommendations to the BOD for approval. Identifying standards and extent of the company's ability to accept risks and submitting recommendations on this to the BOD.
Remuneration of Board Members and Committees Members
If the company has made a profit, a reasonable percentage corresponding to (10%) of the remaining net profit can be distributed after deducting the reserves set by the general meeting in accordance with the provisions of the Cooperative Insurance Companies Act and after distributing profits to the shareholders at least (5% ) of the company's paid-up capital. Follow-up on the work of the company's external auditors, ensuring the continuity of their independence, ensuring that. 9 and the results of the first, second and third dry run with the company's management and the external auditors.
Major Insurance Lines in the
Company Activities
Investment in selected opportunities within the initial public offerings of the Saudi markets (Tadawul and Nomu). 3. A fine of 328,300 from the CCHI was not paid and the decision was initially decided in favor of the company. Changes have been added to limited benefit plans in the financial statements of the year ended 31 December 2018.
The Company Policy of Dividends
The material differences in operating results from last year's results or announced business expectations. No recovery, purchase or cancellation by the company of recoverable debt instruments and no arrangements or waiver agreement by any of the shareholders for any dividend rights. A statement of the value of payments legally paid and due for the payment of any zakat, taxes, fees or other contributions not paid until the end of the annual financial period, with a brief description thereof and the reasons.