Insurance House PSC’s (IH), annual general meeting has approved the distribution of a 4 per cent cash dividend to its shareholders.
In his address to the shareholders, Mohammed Abdulla Alqubaisi, Chairman of Insurance House, said: “IH has registered a whopping year on year improvement of 51.9 per cent in its net profit, to reach Dh16.17 million ($4.4 million) compared to Dh10.64 million in the previous year.”
Alqubaisi added: “Gross premiums written during 2019 were 11.8 per cent higher at Dh235.82 million compared to Dh210.88 million written during the previous year. Net premiums earned in 2019 were higher at Dh153.13 million compared to Dh148.37 million in the previous year. At the same time, net claims Incurred during 2019 were held flat at Dh84.41 million compared to Dh84.44 million in the previous year. As a combined result of the above, Net underwriting Income for 2019 increased by 12.7 per cent to reach Dh51.57 million compared to Dh45.75 million registered during the previous year.”
Investment Income from a carefully managed and well-diversified investment portfolio was higher by 57.8 per cent at Dh6.89 million in 2019, compared to Dh4.36 million in the previous year. This stellar performance is a direct result of well thought out strategies and their effective implementation across all business lines and investment portfolio, Alqubaisi continued.
“We remain optimistic about our profitable growth potential in the near future. Going forward, profits from core insurance activities will be driven by continuous fine-tuning of our risk underwriting capabilities, increased use of digital channels to extend customer reach, and enhanced controls in our claims management processes,” Alqubaisi concluded. -- Tradearabia News Service