ADNIC Shareholders Approved Cash Dividends of 30% at the Annual General Meeting

Press release
Published March 15th, 2020 - 03:26 GMT
ADNIC Shareholders Approved Cash Dividends of 30% at the Annual General Meeting
During the event
Highlights
Abu Dhabi National Insurance Company (ADNIC), one of the leading regional multi-line insurance providers for corporates and individuals, concluded its Annual General Meeting (AGM) today.

Abu Dhabi National Insurance Company (ADNIC), one of the leading regional multi-line insurance providers for corporates and individuals, concluded its Annual General Meeting (AGM) today.  All items of the agenda were discussed and approved including the distribution of 30% cash dividends, AED 0.30 per share, implying total cash dividends of AED 144.6 million for the financial year ended 31 December 2019.

Other items approved by the shareholders included the Board of Directors’ Report, financial statements, to amend Article (7) of the Company’s Articles of Association in order to allow for the foreigners to own a percentage not exceeding 25% of the Company’s Capital, and to allow for the Company to buy up to 10% of its shares

Commenting on ADNIC’s performance, Sheikh Mohamed Bin Saif Al-Nahyan, Chairman of ADNIC, said: “In line with our commitment to maximise shareholder value and deliver top returns, we are very pleased to announce the distribution of 30% cash dividends, totalling AED 144.6 million. 2019 was a solid year for ADNIC, with the company’s net profit up 20.7% year-on-year to reach AED 284.3 million reflecting the company’s fundamental strength.”

He added: “With our focus now firmly on 2020, we are looking to build capabilities for the future. To this end, ADNIC will continue to invest in digitisation and new technologies that will have multiple strategic and financial gains in the years to come. We are confident that this will generate sustainable and higher shareholder value going forward.”

Ahmad Idris, CEO of ADNIC said: “2019 marked another successful year for ADNIC, characterised by strong growth across key lines of business. This performance is testament to the company’s unwavering commitment towards prudent underwriting of risks and sound investment portfolio management. The strength of our customer service proposition, technical excellence, product and service innovation and commitment to the community have yielded very good results year after year. We are confident that in 2020 we will continue to achieve our long-term strategic priorities and continue to support our customers’ evolving needs.”

In 2019, ADNIC continued to optimise its business and to invest in market-leading infrastructure. We are at an advanced stage of our digital transformation strategy. A number of initiatives were launched in 2019 and others will be launched this year.

Additionally, ADNIC continues to be one of the most awarded insurance companies in the region. The company was recognised for numerous achievements by the industry during 2019, and Mohammed Bin Rashid Al Maktoum Business Award. Also, the “UAE Insurer Award” by MENA IR Awards, and the “Corporate Social Responsibility Award” by Insuretek Middle East 2020.

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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