Dubai National Insurance & Reinsurance PSC Produces Strong Full Year Results at Annual General Meeting

07 March 2018 – DUBAI, UAE: Dubai National Insurance & Reinsurance PSC held its Annual General Meeting at The Al Habtoor Group Head Office on Wednesday, 7 March 2018.

Khalaf Ahmad Al Habtoor, Chairman of the Board of Directors, who presided over the AGM, told shareholders that 2017 was a milestone year for DNIR, wherein the company achieved its highest ever gross written premiums and net underwriting income. He highlighted the improvements across the Gross Written Premiums (by 24 per cent), Net Underwriting Income (by 18 net per cent) & Net Profit for the year (by 9 per cent).

The Chairman pointed out that DNIR 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 mn.”

Al Habtoor told shareholders that the company had achieved a financial strength rating of B++ (Good with a Stable Outlook) from the rating agency A.M. Best in its first year of the rating process. He told shareholders that the achieved rating is a result of DNIR’s track record of consistent and strong technical performance supported by steadily robust investment earnings, together with a strong level of risk-adjusted capitalization.

Al Habtoor added, “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 capitalization.”

Al Habtoor said, “These achievements are the result of the confidence shown in our services by our valued customers and other stakeholders. We look forward to grow along with our customers while striving to outshine our previous year performances.”

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

Abdulla Fadhel Al Mazrooei

Director