Abu Dhabi National Insurance Company (ADNIC), one of the insurance companies in the U.A.E., announced that the shareholders approved a cash dividend in the amount of 35 fils per share at its 39th Annual General Assembly Meeting (AGM) held on April 10, 2012 at the Millennium Hotel in Abu Dhabi.
The Annual General Assembly of ADNIC was chaired by Khalifa Al Kindi, Chairman of ADNIC’s Board of Directors. The Board of Directors Report, the Auditors Report and Financial Statements for 2011 were also approved at the Assembly.
Walid Sidani, Chief Executive Officer of ADNIC said, “ADNIC’s strong financial performance reflects and correlates with the resilience and innovation demonstrated by the United Arab Emirates where we serve. As such, ADNIC has continued to maintain its strong leadership and brand reputation as ‘Your Reliable Insurer’.”
ADNIC’s gross written premium increased by 17% for the year 2011. In addition, its net underwriting income increased by 24% to Dhs275m. This resulted in a growth of 11% in net profit reaching Dhs158m for the year. This is primarily due to the Company’s strategy to increase its premium retention levels and cross-selling initiatives on high quality risks. ADNIC’s financial strength has been reaffirmed in 2011 by the leading global financial rating agencies with A.M. Best’s A (Excellent) and Standard & Poor’s A- with a positive outlook. ADNIC is one of a select number of institutions to have their financial rating maintained in the A category across the Middle East and North Africa.