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Dubai-listed National General Insurance reported a net profit of 70.8 million dirhams ($19.3 million) for 2021, up by 53.5 percent compared to a year earlier.
The company, which is partly owned by Dubai Investments, also saw gross premiums increase by 11.5 percent to 645.8 million dirhams during the period, according to a statement to the Dubai Financial Market (DFM) on Wednesday.
Net claims paid during the year reached 166.6 million dirhams, up by 8.4 percent from the 153.7 million dirhams recorded in 2020, while underwriting profit fell 12.8 percent to 41.5 million dirhams.
The company’s gross income from its investment portfolio stood at 45.8 million dirhams in 2021, compared to 14 million dirhams in 2020.
Dubai Investments, which owns 45.2 percent of NGI, announced plans in December to take full ownership of the company.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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