|26 March, 2020

Insurance House's AGM approves 4% cash dividend

IH has registered a whopping year on year improvement of 51.9% in its net profit

Abu Dhabi: Insurance House PSC (IH), Annual General Meeting approved the distribution of a 4% cash dividend to its Shareholders.

In his address to the Shareholders, Mohammed Abdulla Alqubaisi, Chairman of Insurance House, said: “IH has registered a whopping year on year improvement of 51.9% in its Net Profit, to reach AED 16.17 million compared to AED 10.64 million in the previous year”.

Alqubaisi added: “Gross Premiums Written during 2019 were 11.8% higher at AED 235.82 million compared to AED 210.88 million written during the previous year. Net Premiums Earned in 2019 were higher at AED 153.13 million compared to AED 148.37 million in the previous year. At the same time, Net Claims Incurred during 2019 were held flat at AED 84.41 million compared to AED 84.44 million in the previous year. As a combined result of the above, Net Underwriting Income for 2019 increased by 12.7% to reach AED 51.57 million compared to AED 45.75 million registered during the previous year”.

“Investment Income from a carefully managed and well-diversified investment portfolio was higher by 57.8% at AED 6.89 million in 2019, compared to AED 4.36 million in the previous year. This stellar performance is a direct result of well thought out strategies and their effective implementation across all business lines and investment portfolio”, Alqubaisi continued.

“We remain optimistic about our profitable growth potential in the near future. Going forward, profits from core insurance activities will be driven by continuous fine-tuning of our risk underwriting capabilities, increased use of digital channels to extend customer reach, and enhanced controls in our claims management processes”, Alqubaisi concluded.  

-Ends- 

About Insurance House:

Insurance House is a Public Joint stock Abu Dhabi-based Insurance Company with total paid up capital of AED 118,780,500. The company offers high quality yet affordable insurance products and services, meeting international standards in compliance with local requirements ranging from conventional to specialized insurance classes. Our fundamental aim is to develop quality tailor made products catering to customers’ insurance needs. Insurance House is listed on the Abu Dhabi Securities Exchange (ADX) under the ticker symbol “IH”.

Insurance House is rated "BBB-" for Long-Term Issuer Credit Rating and "B+" (Good) Financial Strength Rating, both with a stable outlook by AM Best.

For further information, kindly contact:
Wissam Farran - Group Head
Group Corporate Communications
Insurance House PSC
Tel: +971 2 6194893
Fax: +971 2 6315806
Wissam.f@insurancehouse.ae 

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