NIC Insurance Company Holds Its Ordinary General Assembly Meeting for 2025, Showcases Achievements, and Announces Election of a New Board of Directors

SadaNews - The National Insurance Company (NIC) held its annual ordinary meeting for the general assembly, attended by the company's shareholders, board members, executive management, a representative from the General Insurance Department of the Palestinian Capital Market Authority, a representative from the General Securities Department of the Capital Market Authority, a representative from the Companies Controller at the Ministry of National Economy, external auditors HLB, and the company's legal advisor Shihada Law Office, at the headquarters of the National Insurance Company in Al-Bireh.

At the beginning of the meeting, the Chairman of the Board, Mr. Aziz Abdul Jawad, welcomed those present, and after the representative of the Companies Controller announced the legal quorum for the meeting, all agenda items were discussed, including listening to the Board of Directors' report, discussing and approving it, as well as listening to the external auditor's report, discussing and approving it along with the final accounts and annual budget of the company, including all allocations and reserves contained therein. The assembly also approved the Board's recommendation regarding the distribution of cash dividends to shareholders at a rate of 18% of the paid-up capital, with distribution to commence on 03/05/2026, in addition to electing a new Board of Directors for the upcoming phase, reflecting the company's commitment to enhancing corporate governance and continuing the path of growth and success.

Mr. Abdul Jawad added that the election of a new Board of Directors comes within the company's vision to empower the younger generation to participate in leading the upcoming phase, based on its belief that sustaining growth and maintaining achievements requires young energies with determination and competency, capable of continuing the success journey with confidence and proficiency.

On another note, Abdul Jawad stated, "The Palestinian economy in 2025 experienced a decline in all fields due to the ongoing and deepening Israeli aggression against our people in the Gaza Strip; however, the company’s results reflected the strength of its financial position and the efficiency of its operational strategies, alongside its adaptability to changes, and its continued provision of high-quality insurance services that meet market and customer needs."

CEO Mr. Bashar Hussein clarified that the insurance sector is facing significant challenges, especially under the exceptional circumstances our Palestinian people are experiencing. However, in 2025, the company achieved noticeable growth in sales volume and net profits, supported by a clear strategic vision based on studied expansion, improving operational efficiency, and enhancing risk management. The company also continued to work on improving the efficiency of its various departments by restructuring some internal procedures and developing work mechanisms in line with best professional practices, contributing to increased productivity and expediting achievement.

Mr. Hussein affirmed that electing a new Board of Directors is a step that reflects the company’s commitment to enhancing the sustainability of institutional performance and moving forward toward achieving further successes, through leadership capable of building on what has been achieved and propelling the company toward broader horizons of excellence and development.

At the conclusion of the ordinary general assembly meeting, the administrative and financial report was approved, and the Board members were granted discharge for the fiscal year ending 31/12/2025. Finally, the general assembly approved the appointment of HLB as auditors for the company’s financials for the fiscal year 2026 and authorized the Board of Directors to determine their fees.

After the conclusion of the general assembly meeting, the new Board of Directors convened and elected Mr. Fadl Mustafa Hamad as Chairman and Mr. Samih Jamal Al-Masri as Vice Chairman, and also formed the committees stemming from it for its upcoming term.

It is noteworthy that the National Insurance Company (NIC), a public shareholding company, is one of the first Palestinian insurance companies established in 1992, and it has maintained a leading position in the insurance sector in Palestine for more than 32 years. The company operates under strategic drivers for continuous growth through its extensive network of branches, offices, and agents across Palestine, in addition to enhancing its leading role in community development through its corporate social responsibility strategy.

New Board of Directors for National Insurance Company
Fadl Mustafa Hamad as Chairman and Samih Jamal Al-Masri as Vice Chairman

The National Insurance Company announced the election of a new Board of Directors, chaired by Palestinian businessman Fadl Mustafa Hamad, reflecting the council's confidence in his extensive experience and ability to lead the next phase and enhance the company's growth and development. Mr. Hamad has a long and diverse professional background in strategic management, financial and real estate investment, and corporate governance, having held prominent leadership positions in several economic and service institutions in both the public and private sectors, where he has achieved a remarkable record of accomplishments. Additionally, the President of the Nablus Chamber of Commerce and Industry, and owner of the United Car Company, and the Chairman of the Board of the Modern Beverage Company (Pepsi), and board member and founder of several national companies and institutions, Mr. Samih Jamal Al-Masri, was elected as Vice Chairman, along with Mr. Alaa Abdul Jawad, Vice Chairman of the Jordanian Insurance Companies Union and CEO of Solidarity - Al-Awwal Insurance, and Mr. Zaid Jarab, Chief Operations and Technology Officer at Quds Bank, and legal consultant Mr. Aziz Shihada, for membership on the Board of Directors. This appointment, with the presence of experienced and highly qualified members, is expected to strengthen the company's position and reinforce its approach based on institutional excellence and assurance of continuity, providing leading insurance services that meet customer aspirations and align with best practices in the insurance sector. This decision comes within the company's vision, which emphasizes the importance of empowering young people with experience and competence to lead the next phase, based on its belief that sustaining growth and maintaining achievements require young energies with requisite skills and determination. The company affirmed that this step reflects its commitment to enhancing the sustainability of institutional performance and moving forward towards achieving more successes through leadership capable of building on what has been achieved and launching toward broader horizons of excellence.

Composition of the Board of Directors:
Fadl Mustafa Hamad - Chairman
Samih Jamal Al-Masri - Vice Chairman
Bashar Tawfiq Hussein - Board Member / CEO
Tariq Tahir Al-Shakaa - Board Member
Riham Tawfiq Hussein - Board Member
Alaa Aziz Abdul Jawad - Board Member
Fadi Said Baransi - Board Member
Aziz Samer Shihada - Board Member
Zaid Akram Jarab - Board Member

Former Chairman Mr. Aziz Abdul Jawad expressed his pride in the period he spent serving the company, affirming his confidence in the new board's ability and expertise to continue the success journey and achieve more accomplishments. He also thanked the executive management and all employees for their efforts that contributed to enhancing the company’s position in the market.

For his part, Mr. Fadl Mustafa Hamad expressed his deep pride in taking up the chairmanship of the National Insurance Company, confirming his commitment to lead a new phase of strategic transformation that enhances the company's position and leadership in the insurance sector.
He affirmed that the upcoming phase will witness a strong push toward institutional excellence, innovation, and sustainable growth, solidifying the company’s presence as a leading institution competing regionally and achieving real added value to the national economy.

It is noteworthy that the National Insurance Company (NIC), established in 1992, is one of the leading companies in the Palestinian insurance sector, having maintained its advanced position for over three decades, based on a sustainable growth strategy and an extensive network, alongside a commitment to social responsibility.