Dubai National Insurance & Reinsurance approves cash dividend of 30 % at the Annual General Meeting News Back

31 Mar 2022

Press release

Dubai National Insurance & Reinsurance approves cash dividend of 30 % at the Annual General Meeting

Dubai, 31st March 2022: Dubai National Insurance & Reinsurance PSC (DNIR), one of the leading regional multi-line insurance providers in the country, has approved the distribution of 30% cash dividends (AED 0.30 per share, implying total cash dividends of AED 34.650 million) for the financial year ended 31 December 2021, after concluding its Annual General Meeting (AGM) today.

All items on the agenda for the AGM were discussed and approved. Shareholders also approved DNIR’s financial statements for the year ended 31 December 2021.

Khalaf Ahmad Al Habtoor, Chairman of the Board of Directors, expressed his pleasure at the robust performance of DNIR throughout 2021, highlighting its strong underwriting results. He emphasized that the distribution of 30% cash dividends, totaling AED 34.650 million, is indicative of the financial strength and the sustainable profitable growth of the company.

He added: “Despite the disruptions, we were able to achieve a positive performance at DNIR and are always committed to delivering increased returns to the shareholders annually, thanks to all our stakeholders and our excellent staff. As the Omicron wave recedes, there are signs of normalcy in the economy and I hope it sustains. However, the situation is still uncertain.’

Al Habtoor continued: “In the new normal marked by uncertainty, both in our everyday lives and in the insurance industry, we will continue to make sustained investment in technology so that we can constantly create value for all stakeholders. The excellent mitigation measures taken by the Government are also of great help.”

Abdulla Al Nuaimi, CEO of DNIR, said: “In a year marked by continued uncertainty due to COVID-19, DNIR was able to deliver robust results. Despite the adverse circumstances, DNIR quickly adjusted to a rapidly changing environment - By launching our state-of-the-art inhouse contact center to effectively service customers, Formulating a robust IT strategy aligned to business priorities and market needs in line with our business strategy & partnership agreements with WLP (Word Logistics Passport) & AFZ (Ajman Free Zone) to provide customized insurance products to their clientele. These achievements led AM Best rating agency to reaffirm our financial strength rating at 'B++' with a positive outlook. Recently we were also awarded the Medical Participating Insurer (PI) by DHA (Dubai Health Authority). It all comes down to the trust of our business partners and customers and the dedication and hard work of our team.

“With the realignment of our vision from customer-support to customer-delight, DNIR has left no stone unturned to accelerate the execution of its automation and digitalization plans to ensure uninterrupted services to the customers. This secure remote access has been especially crucial during the pandemic.”

He added: “Going forward, we will continue to take necessary measures to maximize shareholder value, as well as supporting our customers.”

He concluded: “In DNIR we view overcoming challenges as part of our day to day business and are never discouraged. We head into 2022 with continued optimism and focus on progress, renewing our commitment to providing the best service to our clients while protecting our shareholders’ interests.”