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UAE’s Al Wathba National Insurance Company (AWNIC) is set to re-purchase some of its shares, the insurer told the Abu Dhabi Securities Exchange (ADX).
The buyback of up to 10 percent of the listed company’s shares, earlier recommended by the board, obtained the final approval at a general assembly meeting on Sunday, a bourse filing said.
The national company also approved a recommendation to distribute five percent cash dividends which will amount to more than 10.3 million dirhams ($2.8 million).
Al Wathba’s net profit rose by 155 percent to 15.22 million dirhams in 2020 from 5.96 million dirhams a year earlier. Total underwritten premiums for the year amounted to 307 million dirhams, up 23 percent from 250 million dirhams in 2019.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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