Tuesday 14 July 2020

Dubai National Insurance posts strong results for 2019

DUBAI, March 8, 2020

Dubai National Insurance & Reinsurance PSC (DNIR) saw net profits jump 10.3 per cent in 2019 over the previous year, according to the company’s financials for 2019.

The company was able to achieve robust financial performance in 2019, achieving profits of Dh58.085 million ($15.8 million) in 2019 compared to Dh52.661 million ($14.3 million) in 2018.

The strong financial performance for the year 2019 was presented at the company's Annual General Meeting held at the Al Habtoor Group (AHG) headquarters on March 8.

Khalaf Ahmad Al Habtoor, chairman of the Board of Directors, DNIR, who presided over the AGM, told shareholders that the year-on-year momentum in growth continued in the current year with Gross Written Premiums reflecting a growth of 8.5 per cent.

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 Dh40.425 million ($11 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, 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. - TradeArabia News Service


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