Ramallah: on Monday, June 3, 2024, the general assembly of Al Mashreq Insurance Group held its ordinary and extraordinary meetings at the company's headquarters in Ramallah. The meetings were broadcast via video conferencing to the company's shareholders in several countries and locations both inside Palestine and abroad. The meetings were attended by the board members, a number of esteemed shareholders, a representative from the companies’ registrar at the Ministry of National Economy, the external auditor, and a representative from the general administration of insurance at the Palestinian Capital Market Authority.
After the companies’ registrar representative declared the session legally valid with 98.55% of the company's shareholders present, Mr. Jalal Naser Addin, Chairman of the Board, welcomed all attendees. A moment of silence was observed in honor of the martyrs of Palestine. Naser Addin referred to the volatile political situation, particularly the war on Gaza, which is a major factor causing substantial challenges that significantly impact the Palestinian economy and the insurance market. He also noted that the deterioration of key economic components, the decline in local production, changes in reinsurance terms, and increased rates due to the high risks associated with the war have exacerbated economic crises and income instability, leading to decreased public interest in insurance.
Naser Addin added that despite the political and economic fluctuations experienced over the past year, the company's board of directors continued to advance with determination and confidence to enhance the company's financial results, expand its investments, and create new projects and job opportunities.
The extraordinary general assembly approved a capital increase of $1 million USD and ratified amendments to the company's articles of association and bylaws based on the provisions of article (339) of decree-law No. (42) of 2021 concerning companies. The ordinary general assembly approved the board of directors' recommendation to distribute cash dividends at 2.5% of the capital to shareholders and a stock dividend at 12.5% by distributing free shares to the company's shareholders.
Mr. Ayoub Zurub, CEO of the company, explained that Al Mashreq insurance aims to achieve its mission and vision through planning and monitoring all work activities, actively contributing to the development of the insurance industry in Palestine, and providing distinguished services to its policyholders. The company has achieved satisfactory results for investors and strengthened its reserves and financial position despite the impact of implementing the IFRS 17 accounting standard and the war on Gaza.
Zurub added that the company has taken significant strategic steps to enhance communication and interaction with the public, improve their experience, and facilitate access to various insurance services. The company is confidently progressing towards implementing a digital transformation plan and continuously developing its operational mechanisms, programs, and computerized systems within a unique interactive environment and an integrated platform to provide better services.
At the conclusion of the meeting, Zurub expressed his appreciation to all regulatory and governmental bodies and related institutions for their continuous cooperation and support for private sector institutions, emphasizing their importance as a cornerstone of a robust Palestinian economy. He also thanked the board of directors of Al Mashreq Insurance, the executive management, staff, agents, and consultants for their unwavering efforts in ensuring the company's success and increasing its brilliance and prosperity.
