IH approves first cash dividends

abu dhabi — Insurance House’s (IH) annual general meeting has approved the distribution of a one per cent cash dividend to its shareholders for the first time since inception, while presenting its financial results for the year ended December 31, 2018.

Mohammed Abdulla Alqubaisi, chairman of Insurance House, said: “During 2018, IH maintained a steady improvement in its overall performance by registering a net profit of Dh10.64 million for the year ended December 31, 2018 which is 28.9 per cent higher than the net profit of Dh8.12 million registered in the previous year. This augurs well for sustained profitable growth in the near future.”

Alqubaisi added: “Systematic selection of underwritten risks and overall softening of the insurance market in the UAE, resulted in slightly lower gross premiums written of Dh210.88 million during 2018 compared to Dh219.47 million logged during the previous year. Cash and cash equivalents stood at a robust 19.4 per cent highlighting the sound liquidity position of the company. We remain optimistic of our profitable growth potential in the near future. 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.”