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Friday, May 24, 2024

Dubai National Insurance

by Reem Mahmoud

Mr. Khalaf Ahmad Al Habtoor declaring 1996 trading results for Dubai National Insurance 1996

Posts Record 115% Profit for 1996

Directors of Dubai National Insurance (DNI) have informed shareholders that the company has posted a profit of Dh15 million for last year - a more than 115 per cent rise over the Dh6.97 million reported for 1995.

The company has declared a Dh3 million dividend amounting to 20 per cent of the profit against Dh1.5 million paid out the previous year.

The five-year old company last year expanded abroad and opened a branch in Beirut. Its chairman, Khalaf Ahmed Al Habtoor hinted at possible further expansion.

“I am pleased to report that building upon the solid foundations laid earlier, Dubai National Insurance PSC has enjoyed an extremely successful year of trading,” said Al Habtoor.

“The company consolidated its position further by the inauguration of branch office operations in Beirut. These operations will, in the course of time, make significant contributions to the Company’s profitability. The Company will continue to exploit business opportunities as they arise, where it is believed these opportunities as they arise, where it is believed these opportunities make a significant contribution to the development of a broad based profitable enterprise,” Al Habtoor told shareholders.

He said the 1996 growth “exceeded the budgeted income target” and was in all areas of the account. The Company maintained a balanced portfolio, the significant growth was all the more pleasing because it was achieved” in a difficult and highly competitive market” Al Habtoor said.

Dubai National Insurance’s net underwriting income last year rose to Dh16.66 million from Dh10.44 million the previous year. Its investment income was higher at Dh7.8 million compared with Dh2.24 million in 1995. Adding other income, total income for the year was Dh24.10 million, up from Dh12.89 million in 1995.

He added that total gross premiums written by the Company during 1996 amounted to Dh61.23 million, an increase of 34 per cent over Dh45.77 million in 1995.

The company’s shareholder’s funds were maintained at Dh20 million out of which the share capital was Dh3.43 million. Total assets, however, went up to Dh61.24 million from Dh46.07 million at the end of 1995. The company has fixed assets of Dh4.05 million (Dh1.05 million in 1995).

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