The Arab Orient Insurance Company (AOIC) recorded net profits of 33.2 million Emirati dirhams (nine million dollars) in the year 2001, an 18.6 percent rise compared with the Dh28 million earned in the previous year, stated a company release.
The company also approved a 20 percent dividend, totaling Dh10 million, compared to five million Dh in 2000. “Bank deposits by end-2001 stood at Dh260 million, helped by improved debt collections and an increase in premium income,” said AOIC Vice-Chairman Omar Al Futtaim.
Established in 1982 as part of the Al-Futtaim Trading Group, the firm handles all types of General Insurance including Fire, Marine (cargo and hull), Motor, Contractors, All Risks and other miscellaneous insurance as well as Group Life Cover. Based in Dubai, United Arab Emirates (UAE), AOIC operates branches in Bur Dubai, Abu Dhabi and Sharjah as well as agencies in Al-Ain. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
