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

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%.

The text is a formal letter from Sahem Abdelhaq, the Head of Legal & Compliance at Dubai Insurance Co., to Hamed Ahmed Ali, the Chief Executive Officer of Dubai Financial Market. The letter, dated 21st December 2023, informs that the Board of Directors of Dubai Insurance Co. had a meeting at 11:00 am on the same day at the company's head office to discuss ordinary business matters.

Dubai Insurance Co. has partnered with OneDegree, the first licensed digital asset insurer in Asia, to offer digital asset insurance in the UAE. The partnership aims to support the thriving web3 sector in the region. The collaboration will initially offer commercial liability insurance, with plans to seek regulatory approval for further products, including custodial wallet insurance. Dubai Insurance Co. has also invested in OneDegree's Series B funding round. This move aligns with the growing digital asset ecosystem in the Middle East and North Africa region, with Dubai following Abu Dhabi in introducing regulations for digital asset companies.

The Chief Executive Officer of Dubai Financial Market, Mr. Hamed Ahmed Ali, has been informed by the Head of Legal & Compliance at Dubai Insurance Co., Sahem Abdelhaq, that a meeting of the Board of Directors will take place at 11:00 am on 21/12/2023. The meeting will be held at the company's head office to review the company's ordinary business.

Dubai Insurance Co. psc has held a Board of Directors meeting on 13th November 2023 at 11:00 am at the company's headquarters. During the meeting, the financial statements for the third quarter of 2023 were approved. The information was communicated by the Head of Legal & Compliance, Sahem Abdelhaq, to the Chief Executive Officer of Dubai Financial Market, Mr. Hamed Ahmed Ali.

Dubai Insurance Company has reported a significant 75% increase in net profits for the first nine months of 2023, amounting to 128 million dirhams. The company also saw a 77% increase in revenues, reaching 1.4 billion dirhams, and a 144% increase in profits, amounting to 196 million dirhams. The company's assets grew by 39% to 2.5 billion dirhams and shareholders' equity rose by 22% to 797 million dirhams. The financial statements for Q3 2023 will be released once they have been signed by external auditors.