Al Wathba National Insurance Co.

The Board of Directors of Al Wathba National Insurance Company has released its quarterly report for the period ending September 30, 2024. The company achieved an 84% growth in gross written premiums compared to the previous year, largely due to a successful re-entry into the health insurance segment and effective market adaptation. Despite this growth, the company recorded an insurance revenue of AED 257 million and a net insurance service loss of AED 7 million, leading to a net loss before tax of AED 79 million. The adverse weather events in early 2024 significantly impacted the UAE insurance industry, resulting in increased claims and highlighting the need for improved risk management. However, these events also led to an increase in premium rates for certain insurance lines. The company remains committed to innovation and customer service, aiming to deliver long-term value to stakeholders. The Board expressed gratitude to UAE leaders for their support.

On November 13, 2024, Al Wathba National Insurance Company held a Board of Directors meeting. The meeting, attended by five members and achieving a quorum of 63%, ran from 12:00 PM to 1:00 PM. During the meeting, the board reviewed and approved the previous meeting's minutes, the company's financial statements as of September 30, 2024, related party transactions, and reinsurance arrangements. They also reviewed recent regulations from the Central Bank and approved the proposed 2025 budget in line with the company's five-year strategic plan. Additionally, general operational matters were discussed. The meeting's decisions and resolutions were communicated by the Chief Financial Officer, Muralikrishnan R, and copies were sent to the Central Bank of the UAE and the Securities and Commodities Authority.

Al Wathba National Insurance Company (PJSC) reported its Q3 2024 financial results, showing an insurance service result of AED 205,000 and a net investment income of AED 19.23 million. The company experienced a net insurance finance expense of AED 5.07 million, leading to a profit of AED 14.36 million for the period. AWNIC is expanding in the health insurance sector and has adjusted property and casualty rates and deductibles due to weather-related events in the UAE. Their risk management strategies helped mitigate the financial impact of floods. The company remains optimistic about its performance for the rest of 2024 and into 2025. No new securities were issued during this period.

Resolution No. 512 of 2024 announces the temporary suspension of trading for the shares of Al Wathba National Insurance Co. on the Abu Dhabi Securities Exchange (ADX). This suspension will occur from 12:00 on November 13, 2024, coinciding with a Board of Directors meeting for the company. Trading will resume once ADX receives the meeting results. The resolution mandates that all relevant ADX department heads implement this decision and that the resolution be circulated to the Securities and Commodities Authority (SCA), the concerned company, all ADX departments, and accredited brokers. The resolution was approved by the authorized person and was issued on November 8, 2024.

The Board of Directors of Al Wathba National Insurance Company (PJSC) will hold their sixth meeting of 2024 on Wednesday, November 13th, starting at 12:00 PM. The agenda includes reviewing and approving the minutes from the previous meeting, the company's financial statements as of September 30, 2024, related party transactions, reinsurance arrangements, and recent regulations from the Central Bank. They will also review and approve the proposed 2025 budget in alignment with the five-year strategic plan and discuss other general company matters. The meeting details are communicated by Muralikrishnan R, the Chief Financial Officer, with copies sent to the Central Bank of the UAE and the Securities and Commodities Authority.

On 19/08/2024, Al Wathba National Insurance Company (PJSC) disclosed the resignation of Ms. Fatima Khalifa Saif Darwish Alketbi from its board of directors. Ms. Alketbi, a non-executive and independent board member, resigned for personal reasons. The resignation was accepted and became effective on the same date. The disclosure was signed by Muralikrishnan R, the Chief Financial Officer, and was also communicated to the Securities and Commodities Authority.