ADNIC Shareholders Approve Cash Dividends of 35% at the Annual General Meeting

Press release
Published March 22nd, 2021 - 05:37 GMT
ADNIC Shareholders Approve Cash Dividends of 35% at the Annual General Meeting
During the event
Highlights
Abu Dhabi National Insurance Company has approved the distribution of 35% cash dividends (AED 0.35 per share

Abu Dhabi National Insurance Company (ADNIC), one of the leading regional multi-line insurance providers for corporates and individuals, has approved the distribution of 35% cash dividends (AED 0.35 per share, implying total cash dividends of 199.5 million) for the financial year ended 31 December 2020, after concluding its Annual General Meeting (AGM) today.

All items on the agenda for the AGM were discussed and approved. Shareholders also approved ADNIC’s financial statements for the year ended 31 December 2020.

Sheikh Mohamed Bin Saif Al-Nahyan, Chairman of ADNIC, said: “The distribution of 35% cash dividends, totalling AED 199.5 million, is indicative of the financial strength and the sustainable profitable growth of the company amid such unprecedented market conditions. Our full year 2020 net profit of AED 371 million is a testament to ADNIC’s swift adaption to new market dynamics and our effective digital strategy, which enabled us to remain competitive and fully operational.”

Sheikh Mohamed Bin Saif Al-Nahyan added: “As we enter the new normal, not just in our everyday lives but also very much in our industry, we promise to continue our pledge to constantly create value for all stakeholders. This will largely come through our sustained investment in technology and ensure we remain the reliable insurer of choice.”

Ahmad Idris, CEO of ADNIC said: “ADNIC’s successful adaptation to the new normal has yielded operational efficiencies that leave us well placed in 2021. In a rapidly changing environment, we effectively managed key risks while maintaining a strong balance sheet, enabling us to provide the expected support to our customers and all stakeholders. Our focus was not only on the immediate challenges brought about by the pandemic but also on leveraging emerging opportunities for future success.”

Ahmad Idris added: “Looking ahead, we will continue to build on the solid business momentum and demonstrate leading expertise and execution capabilities.  We will continue to support our customers, employees and communities in a range of progressive initiatives that contribute to the betterment of society and the UAE at large.”

To mitigate the effects of COVID-19, ADNIC’s Annual General Meeting was held virtually.

Background Information

Abu Dhabi National Insurance Company - ADNIC

Abu Dhabi National Insurance Company (ADNIC) PJSC is a composite insurance partner with long-standing expertise in providing insurance products to individuals and corporates across the Middle East and North Africa (MENA) region. Founded in the United Arab Emirates (UAE) in 1972, ADNIC has a wide network of branches as well as sales and service centers across the country. ADNIC also has a representative office in London, under the name ADNIC International Ltd. ADNIC is a publicly listed company on Abu Dhabi Securities Exchange (ADX).
 

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