Al Wathba National Insurance Co.

The Market Operations Surveillance Department of Abu Dhabi has issued a clarification regarding the sudden increase in the share price of Al Wathba National Insurance Company (AWNIC). The department confirms that there have been no unreported material developments or events that could explain the recent surge in AWNIC's share price. The increase could be attributed to investor interest in banking and financial services, market expectations on the company's upcoming financial results, investor expectations on dividends (as the company has consistently delivered stable dividends), and limited liquidity in shares over the last few years. The recent trading in the shares might be due to renewed investor interest since the company is trading below its book value of AED 6.07 as per Q3 financials.

The text provides the condensed interim financial information for Al Wathba National Insurance Company PJSC as of 30th September 2023. The company's principal business address is P.O. Box: 45154, Abu Dhabi, UAE.

The text provides the condensed interim financial information for Al Wathba National Insurance Company PJSC as of 30th September 2023. The principal business address of the company is provided, which is located in Abu Dhabi, UAE.

The Al Wathba National Insurance Company (AWNIC) has announced the appointment of Mr. Frederik Bisbjerg as its new Chief Executive Officer, succeeding Mr. Bassam Chilmeran who will assume an advisory role to the Board upon his retirement. Bisbjerg, a respected figure in the insurance industry, is known for his leadership and expertise in digital transformation. His appointment aligns with AWNIC's growth strategy, endorsed by the Board earlier this year. Before joining AWNIC, Bisbjerg held key roles at AXA Global Healthcare, The Digital Insurer, Daman National Health Insurance, and Qatar Insurance Group. He has been based in the Middle East since 2013 and is an internationally recognized business developer and author of "Insurance_Next," a post-COVID-19 insurance transformation guide.

On 13/11/2023, Al Wathba National Insurance Company (PJSC) held a meeting with seven attendees and achieved a 78% quorum. The board approved the appointment of Mr. Frederik Bisbjerg as the new CEO and reviewed the previous BOD meeting minutes (No. 07/2023). The minutes of the BOD subcommittees were discussed, and the company's financial statements as of 30/09/2023 were approved. The board also reviewed the implementation stages of the action plan by Boston Consulting (BCG) and the progress of the Awnic building & Dubai works. Other general matters related to the company's activities were discussed. The Central Bank of the UAE and the Securities and Commodities Authority were notified of the decisions.

Al Wathba National Insurance Company (PJSC) reported its Q3, 2023 financials on November 13, 2023. The company recorded a loss in insurance service result of AED (11.08) million, net investment income of AED 196.95 million, and net insurance finance expenses of AED (1.33) million. The profit for the period stood at AED 164.20 million. No securities were issued during the period. The company continued its digital transformation journey with the enhancement of its B2B and B2C portals.

Resolution No. 244 of 2023 temporarily suspends trading of Al Wathba National Insurance Co. shares on the ADX. This decision is in accordance with Article No. 16 of the Regulations Concerning the Listing of Securities on ADX. The suspension is due to the company's Board of Directors meeting scheduled for 12:00 on 13-Nov-2023, which coincides with the trading session at ADX. Trading in AWNIC shares will be suspended from 09:30 on 13-Nov-2023 until ADX receives the meeting results. The resolution mandates all department heads at ADX to execute this decision in their respective fields and is to be circulated to SCA, the concerned company, all departments at ADX, and all brokers accredited by ADX. The resolution has been approved by the authorized person and was issued on 08/11/2023.

The Al Wathba National Insurance Company (PJSC) will hold its Board of Directors Meeting No. 08/2023 on Monday, 13/11/2023 at 12:00 PM. The agenda includes the appointment of a new CEO, reviewing and approving previous meeting minutes, discussing subcommittee minutes, reviewing the company's financial statements as of 30/09/2023, assessing the implementation of the Boston Consulting action plan, examining the progress of the Awnic building & Dubai works, and discussing other general company-related matters.