ADNIC, one of the leading regional multi-line insurance providers for corporates and individuals, concluded its Annual General Meeting (AGM) on Tuesday March 19, 2019, where the Shareholders have approved the distribution of 30% cash dividends (30 Fils per Share) for the Financial Year ended December 31, 2018. The AGM at The Corniche Hotel in Abu Dhabi was chaired by Sheikh Mohamed Bin Saif Al-Nahyan, Chairman of ADNIC Board of Directors.
Additionally, the Board of Directors for the term of 2019 – 2022 has been elected by the Shareholders. Also, Sheikh Mohamed Bin Saif Al-Nahyan has been elected by the new Board as the Chairman of ADNIC Board of Directors for the term of 2019 – 2022.
Other items approved by the Shareholders included the Board of Directors’ Report, Financial Statements for the year ended December 31, 2018 and the transfer of an amount of AED 150 million from the Retained Earnings to the General Reserve.
Commenting on ADNIC’s performance, Sheikh Mohamed Bin Saif Al-Nahyan, Chairman of ADNIC Board of Directors, said: “I am pleased to report that ADNIC achieved strong results in 2018, the Year of Zayed, demonstrating the strength and dynamism of the UAE economy. ADNIC’s success against the backdrop of continued challenging market conditions reflects the benefits of our focus on diversification, innovation and efficiency in 2018, with new products, enhanced processes and a broader footprint underpinning our success and ability to deliver value to our customers and shareholders.”
Ahmad Idris, CEO of ADNIC said: We are pleased to announce the distribution of 30% cash dividends, totalling AED 112.5 million which is an increase of 20% from last year.”
ADNIC delivered a strong set of results for the full year ended December 31, 2018, with gross written premiums up by 10.1% year-on-year to AED 2.91 billion, driven by growth across core lines of business. Net technical profit increased by 22.8% to AED 145.4 million due to strong performance of key portfolios. Net profit for 2018 increased by 3.7% year-on-year to reach AED 235.6 million.
ADNIC further cemented its position as one of the leading composite insurers in the region with the signing of several strategic partnerships with a number of key entities. ADNIC is also focused on expanding its presence across the country with the opening of four new locations, increasing ADNIC’s presence to 20 branches, offices and sales & service centres across the UAE.
Idris added: “We will continue to use our strengths and competitive advantage to develop innovative solutions that meet the needs of our diverse customer base. We look forward to deploying new technological advancements in 2019 that will bring ADNIC even closer to its customers and their needs.”