DNIR posts net profit of $15mln for 2020

Shareholders approved a cash dividend

  

Dubai National Insurance and Reinsurance (DNIR) has announced full-year net profit of AED55.073 million ($15 million) in 2020, despite a challenging year with the emergence of Covid-19.

Gross written premium for the year amounted to AED317.271 million, with net underwriting income at AED53.590 million.

Shareholders approved a cash dividend of 30 per cent amounting to AED34.65 million at the annual general meeting (AGM) held on March 17.

Khalaf Ahmad Al Habtoor, Chairman of the DNIR Board, said: “Adversity is the true test of character and I would like to thank our shareholders, business partners and reinsurers for their confidence in the company.”

“This year was a challenging one for the insurance industry, both in terms of growth expectations and business continuity. Insurers need to be ready to meet the challenges and opportunities resulting from the rapid surge in the acceptance of digital technologies by consumers which is radically transforming the way insurance operations are being managed.

“From the very onset of the pandemic the company’s business continuity plan was instantaneously put in motion… We were already in the process of implementing the digitization of our entire operations with the latest technology and cybersecurity features, even before the pandemic had struck.

“The proactive step tremendously helped in providing a seamless service in all aspects of policy underwriting and efficient claims servicing to our customers. The recent strategy towards transitioning to a paperless office is expected to further improve efficiency going forward through faster response times,” he added.

“This year comes with its own set of challenges, but the company is in a solid position with a truly diversified business mix that allows for resilience in challenging times. We are cautious but confident about the outlook for the year ahead,” Al Habtoor added.

The AGM was broadcast to shareholders and the regulatory authorities via a live video link in collaboration with Dubai Financial Market (DFM) highlighting the firm’s commitment to investors. – TradeArabia News Service

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