Dubai National Insurance & Reinsurance PSC produces strong full-year results at AGM

Approves 35% cash dividend

  
Dubai National Insurance Reinsurance PSC produces strong full-year results at AGM

DUBAI, UAE: Dubai National Insurance & Reinsurance PSC (DNIR) presented a strong financial performance for the year 2019 at its Annual General Meeting held at the Al Habtoor Group (AHG) headquarters on Sunday, 8 March 2020.

Khalaf Ahmad Al Habtoor, Chairman of the Board of Directors, DNIR, who presided over the AGM, told shareholders that the company was able to achieve robust financial performance in 2019. The year on year momentum in growth continued in the current year with Gross Written Premiums reflecting a growth of 8.5% and Net profit showing a growth of 10.3% over the previous year. The company achieved profits of AED 58.085 million compared to AED 52.661 million in the last year.

The insurance major continued to display sustained ability to improve upon the premium’s volumes from its various insurance products, without compromising on its profitability, thanks to its adherence of strict underwriting guidelines and a judicious underwriting approach.

Noting that DNIR had continuously generated strong operating results, the AGM approved the board proposal to distribute a cash dividend of 35 per cent of AED 40.425 million. Al Habtoor said: “DNIR’s balance sheet strength is reinforced by risk-adjusted capitalisation at the strongest level, as measured by A.M. Best’s Capital Adequacy Ratio (BCAR), benefitting from prudent reserving and excellent level of liquidity”.

At the meeting’s conclusion, Al Habtoor thanked shareholders and the company’s valued customers, appreciating their confidence and continued support of the company. He also commended the management and employees for their hard work and dedication, which has led to DNIR’s consistent growth results.

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About Dubai National Insurance & Reinsurance

Dubai National Insurance & Reinsurance (DNIR), is a publicly listed company on the Dubai Financial Market (DFM). 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 United Arab Emirates 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.

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