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Al Ain Ahlia Insurance net up 72pc at Dh64m

ABU DHABI - The Al Ain Ahlia Insurance Company achieved a net profit of Dh63.79 million for the year 2003, up in good measure by 72.24 per cent compared to the figure of Dh37.03 million for 2002.

The annual general meeting of the company held in the capital yesterday, presided over by Mohammed bin Al Badie Al Dhahiri, Chairman of the Board of Directors of the company, reported a growth in gross premium income for the year amounting to Dh279.83 million compared to Dh220.20 million the previous year.

Reserves for unearned premiums amounted to Dh30.92 million, an increase of 47.65 per cent over the year-ago figure.

Total premium written amounted to Dh22.94 million in the marine and aviation division and Dh256.89 million for fire and general accident insurance.

The income from investments went up to Dh41.31 million compared to Dh19.23 million the previous year. The basic earnings per share rose to Dh12.76 from the previous Dh7.41. After deduction of provision for unearned premiums and outstanding claims, the profit available for appropriation amounted to Dh56.07 million.

The company is pleased to report that it has achieved success both in terms of expanding its core business and maintaining the current business portfolio despite the local competition in the market, Mr Al Dhahiri said. The company will continue its conservative approach and look forward to the challenges of this year with optimism, he added.