DNI Approves a Cash Dividend of 10 % at the Annual General Meeting
19 Apr 2023
Press Release:
Dubai National Insurance & Reinsurance Approves a Cash Dividend of 10 % at the Annual General Meeting
Dubai, 18th April 2023: Dubai National Insurance & Reinsurance PSC (DNI), one of the leading multi-line insurance providers in the country, held its Annual General Meeting on Tuesday, 18 April 2023, where shareholders approved the distribution of a cash dividend of 10 per cent (10 fils per share) amounting to AED 11.55 million, for the financial year ended 31 December 2022.
Shareholders approved other agenda items, including the Board of Directors’ Report and Financial Statements for the year ended 31 December 2022.
Khalaf Ahmad Al Habtoor, Chairman of the Board of Directors at Dubai National Insurance & Reinsurance said: “Despite the challenging market conditions, and the intense market competition during the year 2022, DNI delivered a positive performance and reported a gross written premium of AED 419 million, an increase by 39 per cent driven by growth across core lines of business, and a net profit of AED 44.1 million for the year.
He continued: “The past year was marked with many important achievements; we look forward to building on them to deliver a good year ahead. We will remain focused on steering DNI through its next growth phase. We fully support DNI strategy, prioritising prudent underwriting philosophy, differentiated product offerings, customer-centred approach, and improved digital capabilities."
Al Habtoor added: “We noted that in 2022 AM Best has upgraded the Company’s Financial Strength Rating to A- (Excellent), a remarkable milestone and a testimony of the company’s financial strength and capital adequacy. We will build upon this achievement to continue to deliver value creation to our policyholders and shareholders. I take this opportunity to extend my appreciation to the Board of Directors, Executive Management, Business Partners, and the company's dedicated staff for their continued support.”