Insurance House receives SCA’s approval to launch its share buyback program
Insurance House PSC (IH), a publicly listed company on the Abu Dhabi Securities Market, announced that it had secured the approval of the Securities and Commodities Authority (SCA) to launch a 10% share buyback program.
Earlier last year, IH secured SCA’s approval for a share buyback program of up to 10% (or 12 million shares) of its paid up capital that was valid for one year.
Ahmad Idris, Chief Executive Officer of Insurance House, said: “We believe that continuing the share buyback program is in the best interest of our shareholders and reflects our continued confidence in IH’s strategy to generate long-term profitable growth.”
A net profit of Dhs9.56m was registered for the year ended 31 December 2013 compared to Dhs7.54m in 2012. Gross Premiums Written (GPW) during this reporting period totaled Dhs99.13m. Total Assets doubled to Dhs254.61m compared to Dhs125.8m as of 11 April 2011, being the date on which it commenced operations.
For further information, kindly contact:
Wissam Farran- Manager
Group Corporate Communications Department
Insurance House PSC
Tel: +971 2 6194893
Fax: +971 2 6315806