The CEO of UAE insurer United Fidelity Insurance Company has resigned after auditors said the company had a solvency capital requirement deficit of AED 5.1 million ($1.39 million) 

Bilal Adhami’s resignation was submitted and accepted, according to a board announcement to Abu Dhabi Securities Exchange (ADX). Chief financial officer Obbad Fazzal will manage the company’s daily affairs until a successor is appointed.

Auditor Grant Thornton said in a note on Q1 financial results that the company had a solvency capital requirement of AED 108.6 million but as of 31st December it was carrying a solvency capital deficit.

United Fidelity reported a profit after tax of AED 3 million in Q1 2024, up from after a loss of AED 5.6 million in 2023, on revenue of AED 160.6 million, up from AED 125.5 million in 2023.

(Writing by Imogen Lillywhite; editing by Seban Scaria)