Insurance House

The Insurance House PJSC held a General Assembly Meeting on 23rd April 2024 from 10:00 am to 10:30 am at the Finance House Head Office in Abu Dhabi, UAE. The board of directors present included Chairman Mr. Mohamed Abdulla Jumaa Alqubaisi, Vice Chairman Mrs. Alia Abdulla Mohamed Almazarouei, and Board Members Mr. Khaled Abdulla Jumaa Alqubaisi, Mr. Abdulmajeed Ismail Ali Al Fahim, Mr. Murtadha Mohamed Sharif Alhashmi, Mr. Raman Tirunelveli Kuppuswamy, and Mr. Jassem Mubarak Masoud Al dhaheri.

The Insurance House PJSC held a General Assembly Meeting on April 23, 2024, from 10:00 am to 10:30 am at the Finance House Head Office in Abu Dhabi, UAE. The meeting was attended by the board of directors, including Chairman Mr. Mohamed Abdulla Jumaa Alqubaisi, Vice Chairman Mrs. Alia Abdulla Mohamed Almazarouei, and Board Members Mr. Khaled Abdulla Jumaa Alqubaisi, Mr. Abdulmajeed Ismail Ali Al Fahim, Mr. Murtadha Mohamed Sharif Alhashmi, Mr. Raman Tirunelveli Kuppuswamy, and Mr. Jassem Mubarak Masoud Al dhaheri.

The Insurance House P JSC has announced a list of nominees for its Board of Directors. The nominees are: Mr. Mohamed Abdulla Jumaa Alqubaisi, Mrs. Alia Abdulla Mohamed Almazrouei, Mr. Abdulmajeed Ismail Ali Al Fahim, Mr. Khaled Abdulla Jumaa Alqubaisi, Mr. Murtadha Mohamed Sharif Alhashmi, Mr. Jassem Mubarak Masoud Aldhaheri, and Mr. Raman Tirunelveli Kuppuswamy, who is a representative of Finance House PJSC. All nominees are non-executive members, with Mr. Khaled Abdulla Jumaa Alqubaisi, Mr. Murtadha Mohamed Sharif Alhashmi, and Mr. Jassem Mubarak Masoud Aldhaheri being independent members.

Resolution No. (356) of 2024 temporarily suspends trading of Insurance House shares on the ADX, as per Article No. (16) of the Regulations Concerning the Listing of Securities. The suspension is due to the Insurance House AGM being held at 10:00 on 23-Apr-2024, which coincides with the trading session at ADX. Trading will be suspended from 09:00 on 23-Apr-2024 until the AGM results are received by ADX. All heads of departments at ADX are required to enforce this resolution, which should be circulated to SCA, the concerned company, all ADX departments, and all brokers accredited by ADX. The resolution was approved by an authorized person and issued on 03/04/2024.

The Chairman of Insurance House PJSC (IH) has presented the financial statements for the year ended 31 December 2023. The UAE Insurance Industry faced another challenging year which required companies to adjust their business strategies, pricing models and service delivery to remain profitable. IH identified accounting errors related to reinsurance share of premium, reinsurance share of loss adjustment and commission income relating to reinsurance of medical stream. To correct these, IH reversed Reinsurance receivable from reinsurers amounting to AED 69 million and made a one-time adjustment of AED 9.94 million due to the adoption of IFRS 17. IH registered a Total Comprehensive Loss of AED 41.01 million for 2023, up from AED 28.35 million the previous year. The loss was primarily due to low rates of insurance premium in the Motor business. Corrective actions have been taken to improve this. Insurance Revenue was slightly lower at AED 242.95 million, while Insurance Service Expenses were lower at AED 270.14 million.