DUBAI - MENA Herald: Dubai National Insurance & Reinsurance PSC (DNIR) reported an eight per cent jump in full year net profit for 2016 compared to a year earlier. The announcement came at the Annual General Meeting (AGM), which was presided by Khalaf Ahmad Al Habtoor, Chairman of the Board of Directors and attended by the majority of shareholders on Tuesday 7 March 2017.
DNIR said net profit in the period from 1 January 2016 to 31 December 2016 rose eight per cent year-on-year to AED 44.033 mn. That compared to AED 40.811 mn a year earlier. Meanwhile, Earnings per Share (EPS) jumped to AED 0.38 per share as of 31 December 2016, compared to AED 0.35 Per Share a year earlier.
The company said Gross Premiums Written amounted to AED 260.123 mn, while Net Underwriting Income was AED 36.392 mn.
Shareholders approved a 25 per cent cash dividend for the year ended 31 December 2016.
Khalaf Ahmad Al Habtoor noted that “In the 25 years since DNIR was established the company has consistently announced either a cash dividend or bonus shares – or both in some years. This is very unique.” He added, “Investors in the market would love to buy shares in the company, but shareholders do not want to sell them. DNIR shares are not a speculative trade, it is a long-term investment.”
The AGM also confirmed the appointment of Abdullah Fadel Al Mazrooei as an independent board member, replacing Sari Al Mansoori.