The National Insurance Company NIC held its regular annual meeting of the company's general assembly, in which the company's shareholders, members of the board of directors, and executive management participated, in the presence of a representative of the Palestinian Capital Market Authority, a representative of the Palestine Stock Exchange, a representative of the companies controller at the Ministry of National Economy, and the company's auditors. The outsiders, Messrs. PricewaterhouseCoopers Palestine, and the company's legal advisor, Shehadeh Law Firm, at the headquarters of the National Insurance Company in Al-Bireh.

After ensuring that the quorum for the meeting was complete, all items on the agenda were discussed and approved and appropriate decisions were taken in this regard, including approval of the Board of Directors’ recommendation regarding the distribution of profits to shareholders at a rate of 12.5%, as of 10/04/2023.

During the meeting, the Chairman of the Board of Directors, Aziz Abdel-Gawad, spoke, indicating that the company incurred in 2021, for the first time since its establishment, losses from its insurance operations of nearly one million US dollars, and the Board of Directors and the Executive Management focused most of their efforts in 2022 on studying and analyzing the causes of these losses to develop the necessary policies and procedures. To enable the company to restore profitability in these operations.

Abdel-Jawad continued that the company applied the provisions of the accounting principle IFRS 9 three years ago and set aside all necessary provisions in accordance with its provisions and is currently working on applying the provisions of the accounting principle IFRS 17 in its financial statements for the year 2023 in accordance with the instructions of the Palestinian Capital Authority, as all studies conducted by actuaries and financial experts It indicates that the obligations that will result from the application of this principle will have a significant impact on the results of the insurance companies, and that only companies with strong financial positions will be able to do so, and reassure the shareholders that their company currently has retained profits that can be distributed to cover these obligations, whatever their value.

On the other hand, the General Manager of the National Insurance Company, Bashar Tawfiq Hussein, stated that “2022 was a difficult and challenging year as a result of what the world suffered from economic inflation, and the region’s continued vulnerability to the devastating effects of the Corona pandemic, and we in Palestine were not immune from these events, but it Our company was able to continue to follow a risk management policy to limit the deterioration of insurance results, in addition to our plan for this year to focus on technological development, and work to increase growth in the company, through the digital transformation project and the addition of new products that serve the insurance sector and the insured in their various needs.