Dubai, United Arab Emirates, March 08, 2020: Dubai National Insurance & Reinsurance PSC (DNIR) presented a strong financial performance for the year 2019 at its Annual General Meeting held at the Al Habtoor Group (AHG) headquarters on Sunday, 8 March 2020.
Khalaf Ahmad Al Habtoor, Chairman of the Board of Directors, DNIR, who presided over the AGM, told shareholders that the company was able to achieve robust financial performance in 2019. The year on year momentum in growth continued in the current year with Gross Written Premiums reflecting a growth of 8.5% and Net profit showing a growth of 10.3% over the previous year. The company achieved profits of AED 58.085 million compared to AED 52.661 million in the last year.
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 AED 40.425 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's conclusion, 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.