Riyadh – Mubasher: Liva Insurance Company has announced the results of its Ordinary General Meeting (OGM), held on 29 June 2026, where shareholders approved a wide range of agenda items, including financial reports, auditor appointments, and significant related-party transactions.
The meeting, conducted via modern technology from the company’s Riyadh headquarters, saw a shareholder attendance rate of 72.92%.
Key outcomes included the approval of the 2025 fiscal year financial statements and the endorsement of the board's recommendation to withhold cash dividend distributions for the same period.
During the session, presided over by Chairman Tariq bin Abdullah Al Naeem, shareholders reviewed and discussed the Board of Directors' report and the company’s financial statements for the fiscal year ending 31 December 2025. The assembly also approved the independent auditor’s report for the same period.
Following the recommendation of the Audit Committee, the company appointed PricewaterhouseCoopers (PwC) and Crowe Professional Consulting Solutions as joint auditors.
PwC’s fees were set at SAR 1 million, while Crowe’s fees were established at SAR 390,000, covering the review and audit of financial statements for the second, third, and fourth quarters of 2026, as well as the first quarter (Q1) of 2027.
A significant portion of the assembly was dedicated to the authorization of contracts involving related parties, primarily focusing on transactions with Riyad Bank and LIVA Insurance Group.
Shareholders approved multiple agreements with Riyad Bank, where board members Abdullah bin Abdulrahman Al Shuweier and Omar bin Al Hakam Al-Saffaf hold indirect interests.
These transactions for 2025 included vehicle insurance contracts valued at SAR 9.73 million, investment deposits totaling SAR 91.45 million which generated SAR 5.04 million in income, and group life insurance contracts worth SAR 252,175. Various insurance claim settlements with the bank were also ratified.
Furthermore, the assembly approved several operational and reinsurance agreements with LIVA Insurance Group. These contracts involve board members Martin Rueegg, Sanjay Kawatra, Dhafer Awadh Al Shanfari, Muneer Mohammed Al Mughairy, and David Healy.
Notable transactions included reinsurance premiums valued at SAR 9.93 million and operational expenses paid on behalf of related parties amounting to SAR 4.84 million.
Additionally, a contract with Perfect Presentation for call center management, involving Tariq bin Abdullah Al Naeem, was approved with a 2025 transaction value of SAR 1.48 million.
In terms of governance and board composition, the assembly discharged the Board of Directors from liability for the 2025 fiscal year and approved a total remuneration of SAR 1.37 million for board and committee members.
Shareholders also ratified the appointments of Omar bin Al Hakam Al Saffaf and David Healy as non-executive directors. Both appointees will serve out the remainder of the current board term, which is scheduled to conclude on 25 November 2027.
The meeting concluded with the formal approval of the Bboard'srecommendation to not distribute cash dividends to shareholders for 2025, a move aimed at supporting the company’s financial position and operational requirements.
