Abu Dhabi – 22 March, 2014–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 AED 9.56 million was registered for the year ended 31 December 2013 compared to AED 7.54 million in 2012. Gross Premiums Written (GPW) during this reporting period totaled AED 99.13 million.
Total Assets doubled to AED 254.61 million compared to AED 125.8 million as of 11 April 2011, being the date on which it commenced operations.