Press releases, Reports & Disclosures for Dubai Insurance Co , PSC

The Dubai Insurance Company has released its Integrated Report for 2023. The report includes the Board of Director's Report, Auditor's Report, Financial Statement, Corporate Governance Report, and Sustainability Report.

The Board of Directors of Dubai Insurance Company (PSC) has invited shareholders to attend the Annual General Assembly meeting on 20/03/2024 at 13:00 PM. The meeting can be attended in-person at the company's headquarters or remotely via video technology. The agenda includes reviewing and approving the company's financial reports and the auditor's report for the fiscal year ending 31/12/2023, approving the balance sheet and profit and loss account, considering proposals for cash dividend distribution and remuneration for board members, discharging or removing board members and auditors for the fiscal year ending 31/12/2023, appointing auditors for 2024, and electing board members. Special attention will be given to proposed amendments to the company's Articles of Association to comply with current laws and regulations.

Dubai Insurance Co. has announced the end of the nomination period for membership applications to the Board of Directors for the 2024-2027 term. The nominees, subject to approval from the Central Bank of the UAE, include Mr. Buti Obaid Almulla, Mr. Marwan Abdulla Al Rostamani, Mr. Khalid Abdulwahid Al Rustamani, Mr. Abubakr Abdulla Al Futtaim, and Mr. Abdulla Mohammed Alhuraiz. All nominees are non-executive, non-independent.

The Board of Directors of Dubai Insurance Co. has approved the audited financials for 2023 and recommended to the General Assembly to distribute cash dividends of 70% of the share capital for 2023. They also recommended paying the Board members remuneration for 2023. The decision was communicated by Sahem Abdelhaq, Head of Legal & Compliance, to Hamed Ahmed Ali, the Chief Executive Officer of Dubai Financial Market.

Dubai Insurance Co. has informed the Dubai Financial Market that its Board of Directors will pass a resolution on February 20, 2024. The resolution will include approval of the 2023 financials and a recommendation to the General Assembly about the distribution of cash dividends for the financial year 2023, including the percentage of the share capital.

The CEO of Dubai Financial Market, Mr. Hamed Ahmed Ali, has been informed by Sahem Abdelhaq, the Head of Legal & Compliance at Dubai Insurance Co., that the company's Board of Directors has scheduled a meeting. The meeting is set to take place on February 12, 2024, at 11:00 am at the company's head office, where they will review the company's ordinary business.

The Dubai Insurance Company (DIN) has been assigned an 'A' rating by Fitch Ratings, indicating a stable outlook. The rating reflects the company's strong profile, very strong capitalization and financial performance, and prudent reserving. However, it also notes a fairly large exposure to equities in the investment portfolio. DIN is a general insurance company that wrote AED1.5 billion of gross written premium (GWP) in 2022, making it the fourth largest publicly listed insurer in the UAE by GWP. The company is diversified by business lines, including significant revenue from government contracts. DIN's capitalization is assessed as 'Extremely Strong' by Fitch's Prism Factor-Based Model, and it had a very strong regulatory capital ratio of 180% at the end of 2022. The company reported an underwriting profit of AED78 million in 2022 and a combined ratio of 81%.