07 March 201614% Year on Year growth reported in Net profits for the year 2015.
Announces 20% cash dividend for the year 2015.
Amendment of Articles of Association as per Federal Law No 2 of 2015.
Dubai - The Annual General Meeting (AGM) of Dubai National Insurance & Reinsurance PSC (DNIR) was held on Monday, March 7, 2016 at the Al Habtoor Group Head Office. Mr. Khalaf Ahmad Al Habtoor, Chairman of DNIR, presided over the meeting which was attended by the majority of shareholders.
At the AGM, DNIR disclosed its full year results for 2015. It said the Net profit of the company registered a growth of 14% to AED 40.811 Million in Year 2015 from AED 35.771 Million in Year 2014. The Earnings per share improved to AED 0.35 per share as of 31st December 2015 as compared to AED 0.31 per share on 31st December 2014.
The key financial highlights for the year 2015 are
Gross Premiums Written - AED 225.436 MillionNet Underwriting Income - AED 34..464 MillionNet Profit for the year 2015 - AED 40.811 Million
The AGM approved the payout of a cash dividend of 20 per cent - AED 23.100 Million for the year ended December 31, 2015.
Khalaf Ahmad Al Habtoor, who chaired the AGM touched upon the recently introduced regulations by the UAE Insurance Authority and mentioned that "These regulations are expected to ensure stability & sustainability of the insurance sector by ensuring the solvency of insurance companies, actuarial valuation of its technical provisions & harmonizing the investment policies of the insurance companies with the general economic policies of the UAE. Implementation of these regulations will also ensure that pricing is done based on technical pricing models & that no insurance company prices its premium below its computed technical rate; which is essential for the long-term benefit and development of the industry".
It is in this context the Chairman remarked that "DNIR is well equipped to meet these new regulations and continues to focus on its strengths - prudent underwriting norms, best customer service practices and a fundamentally strong financial position. DNIR believes in managing its business with greater discipline and prudence by ensuring adequacy of reserves and not compromising on pricing".
The general assembly also approved the amendments of the Articles of Association to be in line with the Federal Law No 2 of 2015.
DNIR offers a wide range of unique general, life and health insurance options to suit the insurance requirements of every business and individuals. DNIR is among the pioneers of the UAE Insurance Industry and was established in 1991 with a corporate objective to achieve maximum sustainable growth that will produce consistent profitability based on a mixed, yet balanced portfolio of risks coupled with excellent reinsurance security. This fundamental philosophy has steered the growth of DNIR in the subsequent years, thereby gaining an excellent reputation for service and integrity.
© Press Release 2016