Riyadh — Mubasher: The Company for Cooperative Insurance (Tawuniya) issued a supplemental disclosure regarding its upcoming extraordinary general meeting (EGM), providing shareholders with a limited assurance report on related party transactions.
The report, prepared by PKF Al-Bassam & Co., examines contracts and business dealings conducted during the fiscal year that ended on 31 December 2025, in which board members held direct or indirect interests.
The disclosure detailed several high-value transactions, including insurance policies with the General Organization for Social Insurance totaling SAR 142.96 million and non-insurance dealings worth SAR 85.74 million.
Other significant related party activities involved Elm, with insurance policies valued at SAR 85.42 million and other contracts worth SAR 87.48 million. Tawuniya also reported an investment balance of SAR 110.12 million in United Insurance Company (Bahrain).
Board recommendations exclude transactions representing less than 1% of the company's annual revenues, provided they do not exceed SAR 10 million.
The auditor's limited assurance conclusion stated that no matters were identified suggesting that the Chairman’s declaration regarding these transactions was not compliant with Article 71 of the Saudi Companies Law.
Tawuniya confirmed there is no financial impact resulting from this supplemental disclosure.
The insurance firm recently announced its financial results for the six-month period that ended on 30 June 2026, generating a net profit after Zakat of SAR 609.85 million.
