Dubai National Insurance & Reinsurance PSC (DNIR) held its Annual General Meeting today, where Khalaf Ahmad Al Habtoor, Chairman of the Board of Directors, announced the company achieved its highest ever gross written premiums and net underwriting income.
Al Habtoor highlighted the improvements across the gross written premiums (by 24 per cent), net underwriting income (by 18 net per cent) and net profit for the year (by nine per cent), and added that the company had continuously generated strong operating results, as demonstrated by an average return on equity of 10 per cent over the last five years.
The AGM approved the Board proposal to distribute a cash dividend of 30 per cent of AED 34.650 million.
In its fiorst year of the rating process, A.M. Best gave the company a financial strength rating of B++ (Good with a Stable Outlook), owing to DNIR’s consistent and strong technical performance supported by steadily robust investment earnings, together with a strong level of risk-adjusted capitalisation.
“There have been significant improvements to the company’s risk management approach during the last few years, with greater understanding of our risk appetite and risk tolerances. DNIR strengthened the identification and quantification of key risks and imposed greater controls in order to mitigate and reduce the potential impact on our earnings and capitalisation,” said Al Habtoor.
The AGM re-elected the same Board of Directors for a further three years up to 2020, as follows: Khalaf Ahmad Al Habtoor, Chairman; Sultan Ahmed Al Habtoor, Vice Chairman; Mohammed Khalaf Al Habtoor, Managing Director; Mohammed Abdulla Amer Al Falasi, Director; and Abdulla Fadhel Al Mazrooei, Director.