Dubai-based National General Insurance (NGI) posted a net profit of 6.58 million Emirati dirhams ($1.8 million) for the first nine months of this year. Comparatively, net earnings for the whole of 2001 amounted to Dh 6.85 million.
NGI's gross written premium income for the first nine months of 2002 was Dh 46.56 million. The underwriting profit and investment income reached Dh 3.11 million and Dh 4.36 million respectively.
Premium income for the year 2001 was Dh 43.55 million, underwriting profit stood at Dh 3.61 million and investment income for the year was Dh 4.32 million.
Shareholders equity has also increased – from Dh 68.49 million on December 31, 2001 to Dh 72.07 million on September 30, 2002. NGI declared and paid a cash dividend of five percent, amounting to three million Emirati dirhams, in March this year for the year ending December 31, 2001.
NGI has an authorized and paid up capital of Dh 60 million, divided into six million shares of Dh 10 each. The company's shares were listed on the Dubai Financial Market (DFM) for trading from November 30 this year – making it the 12 company to be listed. Share ownership is restricted to United Arab Emirates (UAE) nationals.
NGI underwrites most classes of insurance including health, property, casualty, fire, workmen compensation, construction, transport and many others. The most significant part of NGI's products and services currently is its medical insurance marketed under the HealthNet brand.
NGI anticipates that its life insurance cover, due to be launched in the near future, will be another of its key revenue earners. The company has already been granted the license to offer life insurance, and is in the process of establishing the facilities. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
