ADNIC’s Annual General Meeting Approves 50% Cash Dividend for 2013
22 Apr 2014
Abu Dhabi National Insurance Company (ADNIC), the trusted insurance partner with long standing expertise in providing insurance products to individuals and corporates, today announced results of its 41st Annual General Assembly Meeting (AGM), held at the Millennium Hotel in Abu Dhabi. The Annual General Assembly of ADNIC, presided by His Excellency Khalifa Al Kindi, Chairman of ADNIC’s Board of Directors, passed the following resolutions:
- Approval of 50% cash dividend (50 fils per share)
- Approval of The Board of Directors Report, the Auditors Report and Financial Statements for 2013
- Ernst and Young were approved as ADNIC’s auditors for 2014
Commenting on the AGM, H.E. Khalifa Al Kindi stated: “The Board of Directors remains supportive of the management’s plans to continue expanding ADNIC’s footprint within the UAE and MENA region. As one of the most established financial services companies in the nation, we firmly believe that our innovative approach will enable us to take advantage of new opportunities arising from buoyant MENA economies, whilst maintaining our commi tment to enhancing shareholder value. The Board is also proud of the strong financial performance recorded in 2013, with over AED 2 billion in revenues for the second consecutive year and a 25% increase in net profit.”
Financial highlights for 2013 versus 2012 include:
- Revenues up 5% to AED 2.41bn
- Technical Profit grows 28% to AED 81m
- Strong Investment Income grows 23% to AED 100m
- Net Profit rises 25% to AED 181m
- Approved Dividend of 50 fils per share, an increase of 25%
H.E. Khalifa Al Kindi concluded: “I wish to thank the members of the board, alongside the senior management team and ADNIC employees for their dedication to ensuring that we achieve the strategic objectives of the company. I am positive that 2014 will bring continued success for ADNIC.”
Mr. Walid Sidani, Chief Executive Officer of ADNIC said, “We sincerely thank our Board Members for their continued support and guidance, which has enabled us to maintain momentum in the implementation of our Perpetual Excellence Plan. Our focus on innovation and standardization, combined with prudent underwriting capabilities, has enabled us to stay ahead of the market and we continued to generate sustainable profitability for our shareholders. Our focus for 2014 is to further our expansion plans and enhance our customer offering through product innovation, technology and investments.”
ADNIC’s financial strength has been reaffirmed in 2013 by the leading global financial rating agencies with A.M. Best’s A (Excellent) and Standard & Poor’s A-. ADNIC is one of a select number of institutions to have their financial rating maintained in the A category across the Middle East and North Africa.
