ABU DHABI – The National Health Insurance Company – Daman has announced exceptional growth in the period 2019 - 2022, with an 84% increase in net profits alongside important achievements in Emiratisation, institutional excellence, and operational efficiency.
This makes Daman one of the most financially stable and profitable health insurance companies in the region today, according to ratings and reports issued by institutions which evaluate the financial performance of companies.
Daman said that its success in overcoming the impact of the COVID-19 pandemic quickly had a tangible impact on its results, with a 14% increase in overall earned instalments compared to 2020, in addition to a sevenfold increase in share profits over the past five years compared to the preceding five years.
Daman added in a statement that 77% of expenditure flowed back into the national economy, one of the highest rates in Abu Dhabi on the ICV (In-country Value) metric. This is a reflection of Daman’s efforts in supporting local competencies and the national economy, consolidating its pivotal role in the UAE’s health sector, and affirming its role as a responsible national company.
Commenting on the company’s successes realised by the company over the past three years, Khaled bin Shaiban Almehairi, Chairman of Daman, said: “Since its launch, Daman has been moving steadily towards achieving its ambitions of building a healthier and happier society in the UAE, in accordance with the vision and directives of the wise leadership, as well as achieving the UAE Centennial 2071 goals by providing high-quality services in the health sector, as part of the efforts to build a more cohesive society.
“The achievements realised by Daman are the result of the special support we received from the Abu Dhabi Government as part of ADQ; which together with years of planning, development, innovation, unified efforts, and cooperation among all teams at the company in order to keep elevating the standing of Daman and enhancing its leading position in the region’s health insurance sector. In the past few years, the company has managed to play an influential role in providing integrated health solutions, and a diverse group of smart digital services, to all its clients, by employing the latest technologies and global best practices, and by constantly investing in its national human resources,” he added.
Daman has managed to achieve a 33% increase in Emiratisation rates at all career levels over the past three years, reaching an overall Emiratization rate of 28%. The Insurance Authority has previously recognized the company’s efforts in Emiratisation, with Daman’s staff making up a third of the UAE citizens working in the insurance sector.