UAE’s National General Insurance Company’s Annual General meeting held on 20 March, 2012 has approved the Board recommendation for a cash dividend of 15% of the capital for the FY ended 31 December 2011.
The general meeting has also adopted all the items listed on the agenda.
NGI achieved a 4.5% increase in the gross premium income from Dhs416m in 2010 to Dhs435m in 2011. The company’s net profit was Dhs28.3m in 2011 compared to Dhs53.8m in 2010, said HE Hamad Mubarak Buamim, the Chairman of NGI.
Buamim also said that despite 2011 being a challenging year due to the bad results of the medical insurance for all companies in the market, the company continued to grow, maintained its consistent and cautious approach, exceptional response to customer needs, enhanced quality service and prudent risk management.
Dr. Abdul Zahra A. Ali, the Chief Executive Officer of the company, said the company faced challenges in 2011 affecting the technical results but will bounce back to continue maintaining the historical level of good technical results. The company will continue to introduce new products that will help promote its market position. The company is operating in all insurance classes including life, health insurance and all types of general insurances. It operates through six branches including the Head Office.