Ramallah: Al Mashreq Insurance Group held its Annual Ordinary and Extraordinary General Assembly meetings on Tuesday, April 29, 2025, at the company’s headquarters in Ramallah. The meetings were broadcasted via video conference to shareholders within and outside Palestine, with the presence of board members, a group of shareholders, a representative from the Ministry of National Economy, external auditor, and representatives from the Insurance Directorate of the Palestinian Capital Market Authority.
Following the announcement that the session was legally valid with the attendance of 98.53% of the company’s shareholders, either in person or by proxy, Mr. Jalal Nasr Addin, Chairman of the Board, welcomed all attendees. He expressed his wishes for a speedy recovery for the injured and led a minute of silence in memory of the martyrs of Palestine.
Mr. Addin highlighted the challenging political and economic circumstances, particularly the ongoing war in the Gaza Strip for over a year and a half, which has presented a significant challenge to all economic sectors, especially the Palestinian insurance sector.
He further explained that the deterioration of core economic factors, declining local production, and changes in reinsurance companies' terms, coupled with increased premiums due to the high risks associated with the war, have worsened economic crises, weakened income sources, and declined public demand for insurance.
Mr. Ayoub Zurub, the CEO of the company, emphasized that despite the volatile political and economic conditions over the past year, the company’s Board of Directors continued to advance with determination and confidence, aiming to enhance the company's financial results, expand its investments, and create new projects and job opportunities.
Mr. Zurub noted that the usual situation negatively impacts the insurance sector. He addressed Mr. Amjad Qabha and the Capital Market Authority, as the regulator of the insurance sector in Palestine, urging them to help resolve the challenges facing the sector. He confirmed that Al Mashreq Insurance has always been and will continue to be committed to fulfilling its obligations to its policyholders, providing them with distinguished services.
Mr. Qabha added that the Authority has several initiatives that will positively impact the insurance sector, acknowledging the difficult conditions facing the industry. He stressed that the Authority is working to implement positive and regulatory steps that benefit all components of the insurance sector.
The Extraordinary General Assembly approved an increase in the company’s capital by USD 1.5 million, raising the total capital to USD 10.5 million. This decision included amendments to the company’s Articles of Association and internal regulations accordingly.
Additionally, the Ordinary General Assembly approved the Board of Directors' recommendation to distribute a cash dividend of 2.5% of the capital to shareholders and a stock dividend of 16.66% through free shares distribution to shareholders.
Towards the end of the assembly, Mr. Zurub expressed his appreciation to all regulatory and governmental entities and related institutions for their continued cooperation and support for private sector institutions, acknowledging their role in ensuring the sector’s success as a fundamental pillar of a strong Palestinian economy. He also extended his gratitude to the Board of Directors of Al Mashreq Insurance, its executive management, all staff members, agents, and advisors, for their dedication to the company’s success and growth.
