The Dubai-based National General Insurance (NGI), a leading provider of general and health insurance, has achieved a net profit of 8.97 million Emirati dirhams ($2.44 million), against Dh6.85 million for the year 2001, representing a 31 percent increase for the company.
The results show that NGI has continued its year on growth despite the influences of the global economic recession and in the face of fierce competition in the local market. "The company is determined to play a major role in the insurance market in the United Arab Emirates (UAE). NGI is very keen to achieve its objectives and keep its growth in the market," said NGI Chairman Khalid Jassim Bin Kalban.
NGI achieved a 33 percent increase in gross premium income, from Dh43.5 million in 2001 to Dh58 million in 2002. Its medical insurance continued its lead as the top contributor to the premium income growth, achieving a 39 percent increase over 2001 figures, from Dh18 million in 2001 to Dh25 million in 2002, and on the general insurance it has also registered an impressive 29 percent growth.
Underwriting profits grew to Dh4.4 million in 2002 from Dh3.6 million in 2001, while investment income rose from Dh4.3 million in 2001 to Dh5.9 million in 2002.
The company's financial achievements of the last year have led to the decision to increase the dividend payout. The company convened the annual general meeting on February 19, 2003 and the shareholders approved the distribution of a seven percent cash dividend amounting to Dh4.2 million. Last year shareholders received a five percent cash dividend for the year ending 2001.
"One of the milestones for the company last year was its listing on the Dubai Financial Market (DFM)," said NGI's General Manager Abdul Zahra Abdulla Ali. NGI is the 12th company to be listed there. The company has an authorized and paid up capital of Dh60 million, divided into six million shares of Dh10 each. Share ownership is restricted to UAE nationals.
National General Insurance (NGI), a provider of general, health and life insurance, is planning to launch life assurance and shortly thereafter, the launch of Bankassurance, the general manager said.
Among its range of specialty products are its premium medical insurance brand, HealthNet, and its automobile insurance cover, Motornet. NGI also has a range of industry-specific insurance covers for the business sector, such as employer liability insurance, fire, engineering, marine, electronic equipment and many other classes of insurance. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
