Insurance House PSC (IH) held its second Annual General Meeting and presented positive annual results to its Shareholders for 2013.
A net profit of Dhs9.56 million was registered for the year ended 31 December 2013. Gross Premiums Written (GPW) during this reporting period totaled Dhs99.13 million. Total Assets doubled to Dhs254.61 million compared to Dhs125.8 million as of 11 April 2011, being the date on which it commenced operations.
In his address to shareholders, Mohammed Abdulla Alqubaisi, Chairman of Insurance House, said: “We have closed 2013 by achieving a robust Net Profit that is 26.7% higher than the Net Profit recorded in the year ended 31 December 2012. We are delighted with this remarkable performance by such a young enterprise, operating in the fiercely competitive UAE insurance sector. This is an evidence of the importance of investing in qualified human resources, state-of-the-art systems and a robust Policies & Procedures framework.”
“Given the projected market scenario, IH’s strategic priorities include increasing Gross Premiums Written without compromising its prudent underwriting guidelines, competing on the basis of superior Product & Service quality as opposed to Price, and continuing to invest in human and technical resources, in addition to technology with a view to further enhance our underwriting and claims management capabilities,” added Alqubaisi.
Bearing in mind the need to invest for accelerated growth in the near term, the Board does not recommend any dividend payment.
Net Underwriting Profit of Dhs11.38 million was complemented by an investment income of Dhs18.98 million generated from a well diversified proprietary investment portfolio that is professionally managed.
We have invested in the right people, processes and systems, the Chairman said, adding: “We have been able to attract to our ranks, top caliber insurance professionals with extensive experience in the UAE market. Around 13% of the Company’s current work force comprises of UAE nationals, manifesting our strong commitment to the development of UAE nationals in the insurance sector. This is ahead of the minimum requirement for employment of UAE nationals currently mandated by the UAE Insurance Authority for the year 2013,” stated Alqubaisi.
“We look forward to 2014 with optimism and have accordingly set ambitious business growth targets. Our strategy is sound and is backed by a robust infrastructure that is geared to deliver profitable growth and maximized returns to our shareholders,” concluded Alqubaisi.