Emirates Insurance Q1 income rises Dh94m

ABU DHABI - The Emirates Insurance Company achieved significant gains in both revenue and net income during the first quarter of this year, aided by the development of new business lines and entry into new markets.

By A Staff Reporter

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Published: Tue 11 May 2004, 9:36 AM

Last updated: Thu 2 Apr 2015, 12:25 PM

Gross premium income increased to Dh94.5 million from Dh89.8 million for the corresponding period the previous year, while net income for the period rose to Dh34.3 million from Dh22.3 million.

Shareholders equity went up to Dh632.6 million from Dh567.7 million. The total net assets were placed at Dh761.8 million. The earning per share scaled up to Dh4.76 from Dh3.1, an increase of 53.5 per cent. "We expect the current financial year as a whole to be another record year in all spheres of the company's operations and that we will be able to, at least, maintain our current dividend distribution policy of Dh5 per share, representing 50 per cent of the company's nominal share value," said Abdulla M. Mazrui, Chairman of the Board of Directors. The company is also credited as the first national insurance company in Abu Dhabi to win the Quality Appreciation Certificate of the Shaikh Khalifa Excellence Award, and to achieve the ISO 9001:2000 certification.

Meanwhile, the Dubai National Insurance and Reinsurance posted a net profit of Dh3.37 million for the first quarter of this year, down from Dh3.64 million for the corresponding year-ago period. Investment income rose to Dh1.45 million from Dh1.43 million. Net assets stood at Dh156.61 million.

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