Adnic shareholders approve cash dividend of 40%

Dividend distribution amounts to Dh228m for 2022

The Adnic Board at the AGM. - WAM

By WAM

Published: Wed 22 Mar 2023, 12:53 PM

Last updated: Wed 22 Mar 2023, 1:41 PM

Abu Dhabi National Insurance Company (Adnic) has approved the distribution of 40 per cent cash dividend (Dh0.40 per share, implying total cash dividends of Dh228 million) for the financial year ended December 31, 2022, after concluding its annual general meeting (AGM) on Wednesday.

Shareholders discussed and approved all items on the agenda for the AGM, including Adnic’s financial statements for the year ended December 31, 2022.

Sheikh Mohamed bin Saif Al Nahyan, Chairman of Adnic, said: “We are pleased to announce cash dividends totalling Dh228 million for the year 2022, reflecting our unwavering commitment to delivering consistent returns on their investments. Our robust financial performance is a direct result of our evolving business strategy, the dedication of our employees and the continued trust of our shareholders.”

He added: “The year 2022 marked a new milestone for our company. We achieved remarkable growth in our gross written premiums by 20.1 per cent to reach Dh5.13 billion. Moving forward, we will continue to expand our market footprint and explore new business opportunities that lead to further growth.”

Charalampos Mylonas, CEO of Adnic, said that strong operating performance despite an increasingly challenging competitive landscape yielded a net profit of Dh377.9 million. This reinforces Adnic’s long-term commitment to continue delivering superior value to customers and shareholders.

He added, “We remain dedicated to supporting various communities across the UAE through multiple initiatives and are committed to supporting the national agenda in promoting a more sustainable future during the ‘Year of Sustainability’.”