Al Ain Alahlia Insurance Co.

The text refers to the unaudited condensed interim consolidated financial information of Al Ain Ahlia Insurance Company P.S.C. for the three-month period ending on 31 March 2024.

The Al Ain Ahlia Insurance Co. (PSC) held a board meeting on 13th May 2024. All seven board members were present, and they approved minutes from previous meetings, the company's Q1/2024 results, and the work of board committees. They also approved changes to the company's organizational structure, including changing the title of "General Manager" to "CEO", redesignating the Internal Audit Manager as the Head of Internal Audit, and appointing new heads of Compliance and Risk, as well as an In-House Actuary. The board also approved amendments to various company policies. They discussed a Central Bank Circular regarding financial reporting and external audit for insurance companies and approved an action plan in response. The meeting was signed off by the Board Secretary, Yaser Ibrahim Hmedan.

The Al Ain Ahlia Insurance Company, incorporated in Abu Dhabi in 1975 under Law (18), is registered under No. (3) as of 8/8/1984 in the Insurance Companies Register. The company operates under the provisions of Federal Decree-Law No. (48) of 2023, which regulates insurance activities. The company has a paid capital of AED 150,000,000. A board meeting is scheduled for Monday, 13th May 2024, starting at 12:00 PM, to discuss the company's ordinary business and any other items. The authorized signatory is Yaser Ibrahim Hmedan, the Board Secretary.

The Al Ain Ahlia Insurance Co. (PSC), incorporated in Abu Dhabi in 1975, held a board of directors meeting on April 25th, 2024. The meeting had 100% attendance from the seven board members. The board elected Mr. Mohamed Jouan Rashed Albadi Aldhaheri as Chairman and Mr. Khaled Mohamed Jouan Albadi Aldhaheri as Vice Chairman. The board also reconstituted several committees, including the Audit Committee, the Nominations and Remuneration Committee, the Risk Committee, and the Investment Committee, with various members assigned to each. The meeting started at 12:00 PM and ended at 1:00 PM.

The Al Ain Ahlia Insurance Co., incorporated in Abu Dhabi in 1975, held a General Assembly Meeting on 23rd April 2024. The meeting, chaired by Mohamed Jouan Rashed Albadi Adhaheri, had a quorum of 65.05% and was conducted either remotely or in person. The meeting approved the Board of Director’s report on the company’s activity and financial position for the fiscal year ended on 31/12/2023, the Auditor’s Report, and the company’s balance sheet and profit and loss account. It also approved a 20% cash dividend distribution valued at AED 30 million. The remuneration of the Board of Directors was set at AED 3,844,865. The liability of the board members and auditors for the fiscal year 2023 was discharged, and Grant Thornton was appointed as the external auditor for the same year with fees of AED 495,000.

The Al Ain Ahlia Insurance Co., incorporated in Abu Dhabi in 1975, held a General Assembly Meeting on April 23, 2024. The meeting was chaired by H.E. Mohamed Jouan Rashed Albadi Adhaheri, with 65.05% of the total capital represented. The assembly approved the 2023 fiscal year reports, including the company's activity, financial position, auditor's report, balance sheet, and profit and loss account. They also approved a 20% capital dividend distribution, amounting to AED 30 million, and a proposal for board members' remuneration totaling AED 3,844,865. The assembly discharged the board members and auditors of liability for the 2023 fiscal year and appointed Grant Thornton as the external auditor for the same year, with fees set at AED 495,000.

The Al Ain Ahlia Insurance Co., incorporated in Abu Dhabi in 1975 under law (18), held its General Assembly Meeting on 23/04/2024. The meeting was chaired by H.E. Mohamed Jouan Rashed Albadi Adhaheri and had a quorum of 65.05% of total attendance. The meeting approved the Board of Director's Report on the company's activity and financial position for the fiscal year ended on 31/12/2023, the Auditor's Report for the same fiscal year, the company's balance sheet and profit and loss account, and a recommendation to distribute 20% of the capital as cash dividends. The meeting also approved a proposal for the remuneration of the board members, discharged the liability of the board members and auditors for the fiscal year ended on 31/12/2023, and appointed Grant Thornton as the external auditor for the fiscal year 2023 with fees of AED 495,000.

The Al Ain Ahlia Insurance Company, incorporated in Abu Dhabi in 1975 under Law (18) and registered under No. (3) in the Insurance Companies Register, is subject to Federal Decree-Law No. (48) of 2023 regulating insurance activities. It has a paid capital of AED 150,000,000. A board meeting is scheduled for Thursday, 25th April 2024 at 12:00 PM. The agenda includes the election of the Chairman and Vice Chairman for the term 2024-2026, appointment of company committee members, and other new business. The meeting follows the board nomination decision made by the General Assembly on 23rd April 2024. The authorized signatory is Yaser Ibrahim Hmedan, the Board Secretary.

The Al Ain Ahlia Insurance Company has listed the candidates for its Board of Directors. The candidates are H.E. Mohamed Jouan Rashed Albadi Aldhaheri, H.E. Khaled Mohamed Jouan Albadi Aldhaheri, H.E. Ghaith Hammelkhadim Alghaith Alqubaisi, H.E. Saeed Ahmed Omran Almazrouei, H.E. Saif Ahmed Saif Saqer Almehairbi, H.E. Abdulla Mubarak Abdulla Mubarak Aldarmaki, and H.E. Shaikha Nasser Mohamed Ali Alnuwais. Approval of these candidates will be sought from the Central Bank of the United Arab Emirates and the Securities and Commodities Authority after the company's general assembly meeting on April 23, 2024.

The Articles of Association of Al Ain Ahlia Insurance Company are being amended in accordance with the governance system and standards issued by the Central Bank of the United Arab Emirates. The amendments are in line with the Federal Decree-Law No. (32) of 2021 on Commercial Companies, which requires public shareholding companies to update their articles of association. Changes include the potential for the company's capital to be increased or decreased by issuing new shares or obtaining approval from the Securities and Commodities Authority and the Central Bank of the UAE. The Board of Directors, comprised of seven members, will manage the company and elect a Chairman and Deputy Chairman. The board will also appoint an independent Secretary, separate from the company's management.