Abu Dhabi – April 12, 2021 – Insurance House PSC (IH), Annual General Meeting approved the distribution of a 4% cash dividend to its Shareholders.
In his address to the Shareholders, Mohammed Abdulla Alqubaisi, Chairman of Insurance House, said: “Despite 2020 being a game-changing year for everyone, Insurance House registered a Net Profit of AED 10.89 million. Considering the upheavals endured due to the pandemic over the course of the year, this is a resilient performance that provides a solid foundation for sustained profitable growth in the near future”.
Alqubaisi added: “Gross Premiums Written during 2020 weighed in at
AED 217.37 million. Net Premiums Earned in 2020 were slightly lower at AED 150.17 million compared to AED 153.13 million in the previous year. At the same time, Net Claims Incurred during 2020 were held flat at AED 84.21 million compared to AED 84.41 million in the previous year. As a combined result of the above, Net Underwriting Income for 2020 was at AED 47.00 million”.
“Despite volatile equity, fixed income and real estate markets, overall Investment Income from a carefully managed and well-diversified investment portfolio was maintained at AED 6.81 million in 2020 compared to AED 6.89 million in the previous year. This performance is a direct result of our conservative approach to investments and liquidity management under volatile market conditions”, Alqubaisi continued.
“Our strategy is to compete on the basis of differentiated product offerings, improved digital capabilities and superior service quality. Going forward, profits from core insurance activities will be driven by continuous fine-tuning of our risk underwriting capabilities, increased use of digital channels to extend customer reach and enhanced controls in our claims management processes”, Alqubaisi concluded.