The Ordinary and Extraordinary General Assembly of the United Global Insurance Company Approves Distribution of Free Bonus Shares to Its Shareholders

SadaNews Economy - The general assembly of the United Global Insurance Company approved the distribution of free bonus shares to its shareholders and raised the company's current capital of 13,800,000 USD to 15,000,000 USD after the distribution.

The company achieved a net profit of 1.835 million USD in 2025, compared to 1.288 million USD in 2024.

The general assembly listened to the board's report on the company's operations and activities during 2025, as well as the auditors' report on the company's balance sheet and final accounts for the financial period ending December 31, 2025. It discussed the balance sheet for the same period and approved an extraordinary general assembly resolution to amend the company's articles of incorporation and bylaws in accordance with the capital increase resulting from the distribution of free bonus shares. The assembly also renewed the appointment of the current auditors, Mr. Talal Abu-Ghazaleh and Partners.

This took place during the meeting of its ordinary and extraordinary general assembly at the Millennium Hotel in Ramallah, via video conference with Jordan, Bahrain, and Qatar in its sixteenth session, with 91% attendance from shareholders, and participation from Ms. Maha Hassouna representing the corporate registrar at the Ministry of National Economy, Mr. Amjad Qabha, Director General of the Insurance Department representing the Capital Market Authority, Mr. Jamal Mulhim, Executive Director of Talal Abu-Ghazaleh Company representing the external auditor, Mr. Ahmad Safi representing the Palestine Stock Exchange, and the legal advisor to the United Global Insurance Company, Mr. Abdullah Hijab.

The chairman of the board, Mr. Samih Al-Abed, stated, "The company continued throughout 2025 to work steadily according to its strategy aimed at enhancing its position in the Palestinian insurance market by providing distinct insurance services, while adhering to professional and transparency standards." He added, "Despite the economic challenges and surrounding conditions, the company managed, thanks to God and the efforts of its executive management and staff, to achieve positive results and maintain a good level of financial stability, reflecting its strong financial position and ability to continue and grow."

For his part, Mr. Jamal Al-Hamad, the CEO and board member, said, "The year 2025 was exceptional, marked by complex economic and political challenges with direct repercussions on various sectors in the Palestinian market, especially the insurance sector, particularly under liquidity shortages and economic slowdown."

He added, "The company faced a difficult operating environment last year, characterized by high-risk levels, reduced insurability, and delayed cash flows in the market, which required us to adopt more flexible and cautious financial and operational policies to maintain our business continuity and enhance our ability to meet our obligations. Despite these challenges, the company managed to achieve balanced performance by focusing on efficient liquidity management, controlling expenses, and improving the quality of the insurance portfolio, alongside developing underwriting and claims management procedures, ensuring financial sustainability and risk reduction.

Furthermore, we worked to enhance the digital transformation in our services, improve customer experience, and expand communication channels, which contributed to increasing operational efficiency and providing faster and more effective services that meet current requirements. We also continued to develop internal control and risk management systems, which strengthen the company's resilience and ability to face future challenges, safeguarding the interests of shareholders and policyholders.

Regarding the company's financial data, Al-Hamad pointed out that the company achieved good results last year, with net insurance contract revenues reaching 51.308 million USD, compared to 47.140 million USD in 2024. Total claims paid amounted to 38.039 million USD in 2025, compared to 36.653 million USD in 2024. The company achieved a net profit of 1.835 million USD in 2025, compared to 1.288 million USD in 2024, and the equity grew in 2025 to 25.915 million USD, compared to 23.959 million USD in 2024.

Regarding the future plan, he affirmed the company's commitment to work according to a well-studied strategy that enhances its flexibility, diversifies its insurance portfolio as much as possible in line with the developments of the stage, and continues to provide reliable insurance services that meet market needs despite all challenges.

He affirmed the company’s commitment to continue working responsibly and efficiently, to maintain its stability and enhance its role in supporting the Palestinian national economy, in addition to giving significant importance to social and economic sustainability in its operations, and supporting the Palestinian community in all fields as much as possible, whether through community responsibility programs or by providing effective insurance solutions that protect individuals, families, and institutions from potential risks.

Al-Hamad expressed hope for stability to return to Palestine and the region and for peace to prevail so that its peoples may live in security and peace like other nations of the world.

In conclusion, Al-Hamad thanked the general assembly for its continued support of the board of directors and executive management, enabling the company to be a leader in the sector, noting the commitment of the board of directors and executive management to develop the company in all possible ways, in accordance with the laws, regulations, and instructions in force in Palestine. He also expressed his gratitude to all official and regulatory authorities overseeing the insurance sector for their active role in developing this sector, while simultaneously thanking the company's management, employees, and all its workers, agents, clients, and producers for their dedication to work and their ongoing loyalty.

The company’s vision is based on meeting the growing demand for insurance in the region through dedicating a specialized team to provide distinguished services, in addition to protecting risks on the broadest possible scale and establishing genuine and effective partnerships with clients to manage the risks surrounding their businesses, achieving maximum effectiveness in the insurance industry, which is a commitment from the company and fulfillment to Palestine and its citizens by benefiting from the experiences and rich knowledge of others in this field.