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19 March 2024

Adnic AGM okays dividend

Published
By Staff

Abu Dhabi National Insurance Company, one of the leading insurance companies in the UAE, announced that the shareholders have approved cash dividend of 35 fils per share at its 39th Annual General Meeting (AGM) held on April 10, 2012 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 UAE where we serve."

Adnic's gross written premium increased by 17 per cent for the year 2011. In addition, its net underwriting income increased by 24 per cent to Dh275 million. This resulted in a growth of 11 per cent in net profit reaching Dh158 million 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.