Abu Dhabi, UAE - 28 Apr 2015

Abu Dhabi National Insurance Company (ADNIC announced today  the results of its 42nd Annual General Assembly Meeting (AGM).

The Annual General Assembly of ADNIC, presided by His Excellency Khalifa Al Kindi, Chairman of ADNIC's Board of Directors, passed the following resolutions:

·         Approval of The Board of Directors Report, the Auditors Report and Financial Statements for 2014

·         Absolved the Board and the Auditors from liabilities for the financial year ended 31 December 2014.

·         Ernst and Young were appointed as ADNIC's auditors for 2015

·         Approve the Board of Directors' proposal to transfer AED 300 million from the general reserve to retained earnings.

Commenting on the AGM, H.E. Khalifa Al Kindi stated: "I wish to thank the members of the board for their support and the company management and employees for their efforts over the past year. Despite significant challenges in 2014, ADNIC was able to make progress on a number of fronts that have positioned the Company well for future growth. The Board of Directors supports management's plans for 2015 and beyond to deliver shareholder value, as well as key operational, commercial and strategic improvements."

Financial overview for 2014 versus 2013 include:

·         Revenues up 9% to AED 2.63bn

·         Net investment income grows 7% to AED 106m

·         Net Loss is AED 280 million compared to Net Profit of AED 156 million in 2013


Ahmad Idris, CEO of ADNIC, said: "I would like to thank the Board Members for their continued guidance. 2014 was a year which highlighted important challenges that ADNIC faced, however, we have taken firm actions to address them. We have made innovation central to our business strategy and are committed to improving our service and product offerings. I am confident that our strategy will return ADNIC to sustained profitability and shareholder value in 2015 and beyond."

-Ends-

About Abu Dhabi National Insurance Company
Abu Dhabi National Insurance Company (ADNIC) PJSC is a trusted insurance partner with long standing expertise in providing insurance products to individuals and corporates to manage unpredictable health, life and general risks. ADNIC is also a leading provider of risk underwriting solutions across the Middle East and North Africa (MENA) region. Founded in the United Arab Emirates (UAE) in 1972, ADNIC is a leading multi-line insurance provider with a wide network of branches as well as sales and service centers across the country. ADNIC is publicly owned and listed on the Abu Dhabi Securities Exchange (ADX).

For more information, please contact:
ADNIC Corporate Marketing and Communications
Mrs. Dana Hudairi
M: +971 50 6117968
D: +971 2 4080419
F: +971 2 4080 625
E-mail: d.hudairi@adnic.ae
www.adnic.ae

© Press Release 2015