Insurance House’s AGM approves 4% cash dividend
Insurance House (IH) has announced that its Annual General Meeting has approved the distribution of a four per cent cash dividend to its shareholders.
In his address to the shareholders, Mohammed Abdulla Alqubaisi, chairman of Insurance House, said: “Despite 2020 being a game-changing year for everyone, Insurance House registered a net profit of Dh10.89 million. Considering the upheavals endured due to the pandemic over the course of the year, this is a resilient performance that provides a solid foundation for sustained profitable growth in the near future.”
Alqubaisi added: “Gross premiums written during 2020 weighed in at Dh217.37 million. Net premiums earned in 2020 were slightly lower at Dh150.17 million compared to Dh153.13 million in the previous year. At the same time, net claims incurred during 2020 were held flat at Dh84.21 million compared to Dh84.41 million in the previous year. As a combined result of the above, net underwriting income for 2020 was at Dh47 million.”
“Despite volatile equity, fixed income and real estate markets, overall Investment Income from a carefully managed and well-diversified investment portfolio was maintained at Dh6.81 million in 2020 compared to Dh6.89 million in the previous year. This performance is a direct result of our conservative approach to investments and liquidity management under volatile market conditions,” Alqubaisi continued.
“Our strategy is to compete on the basis of differentiated product offerings, improved digital capabilities and superior service quality. Going forward, profits from core insurance activities will be driven by continuous fine-tuning of our risk underwriting capabilities, increased use of digital channels to extend customer reach and enhanced controls in our claims management processes,” Alqubaisi concluded.
Renewable power generation grew worldwide at the fastest rate in two... READ MORE
India’s shares might witness more correction on account of... READ MORE
The company registered its sixth consecutive profitable quarter in Q4,... READ MORE
The country’s fast rebounding hospitality sector posted in Q1 a ... READ MORE
Charter flight operators making a killing, as stranded Indian expats... READ MORE
The cyclone struck several regions in the country and left scores of... READ MORE
Guardian must grant approval and be present during the jab READ MORE
Health expert explains how booster shots work and help protect... READ MORE