26 IFRS-Compliant Insurers Hold Shareholders’ Meetings

EghtesadOnline: A majority of Iranian insurance companies, including state-owned, private and free trade zone insurers, held their annual shareholders’ meeting by July 22 following the compliance of their financial statements with global reporting standards.

News ID: ۷۷۸۰۷۸

01 August 2017

From a total of 32 insurance companies registered with the Central Insurance of Iran, 26 held their annual shareholders’ meetings and Saman Insurance Company distributed the biggest dividend among its shareholders, data published by the Codal website, affiliated to the Securities and Exchange Organization of Iran, showed.

Mihan Insurance and Ma Insurance companies were next to pay the largest dividends.

Iran Insurance Company represents the only state-owned insurer that also takes up the highest market share in the insurance industry, standing alongside 25 private insurers. Seven companies operate in free trade zones, which include reinsurers, Financial Tribune reported.

The private Sina Insurance Company did not hold its annual shareholders’ meeting due to irregularities in its general assembly meeting scheduled to take place 10 days prior to the event.

All the insurance companies held their meetings after publishing their financial statements in conformity with the International Financial Reporting Standards on the order of CII chief, Abdolnasser Hemmati.

In a meeting with chief executives of insurance companies on Monday, Hemmati commended the efforts of insurers in conforming to global standards, advising them to increase their profitability.

“An insurance company is a business and therefore it must be attractive to all its beneficiaries, namely shareholders,” he added.

The official noted that the portfolio of personal auto policies is improving, so CEOs must focus on liability and health insurance to ensure they do not become the new weak areas of the industry.