Al Wathba National Insurance Co.

The document is a preliminary result brief for Al Wathba National Insurance Company PJSC for the year ended on 31st December 2023. The company was established on 15th September 1996 with a paid, subscribed, and authorized capital of 207,000,000.00. The Chairman of the Board is Shk. Saif Mohammed Bin Butti Al Hamed, the Vice Chairman & Managing Director is Mr. Rashed Darwish Al Ketbi, and the Chief Financial Officer is Mr. Muralikrishnan R. The external auditor is KPMG. The company is based in Abu Dhabi, UAE.

The Al Wathba National Insurance Company PJSC released its final result brief for the year ending 31st December 2023. The company, established on 15th September 1996, has a paid-up, subscribed, and authorized capital of 207,000,000.00. The Chairman of the Board is Shk. Saif Mohammed Bin Butti Al Hamed, with Mr. Rashed Darwish Al Ketbi serving as the Vice Chairman & Managing Director, and Mr. Muralikrishnan R as the Chief Financial Officer. The company's external auditor is KPMG. Their contact information includes a mailing address in Abu Dhabi, UAE, a telephone number, fax number, and an email address.

On 07/02/2024, the Board of Directors of Al Wathba National Insurance Company (PJSC) held a meeting with 8 members present, achieving an 89% quorum. The meeting started at 12:00 PM and ended at 01:00 PM. During the meeting, the board reviewed and approved the minutes of the previous meeting, a resolution issued by circulation, and the company's preliminary financial statements as of 31/12/2023. They also discussed the regulatory requirements for board governance, reviewed the company's business plan and strategy, and approved the assignment of board member Ms. Sanaa Rashed Al Ketbi to review and supervise the company’s daily activities, pending CBUAE approval. The board also discussed minutes of the subcommittees and other general matters related to the company's activities.

Resolution No. (276) of 2024 temporarily suspends trading of Al Wathba National Insurance Co. shares on the ADX. The suspension is due to a board meeting of the company scheduled for 12:00 on 7-Feb-2024, which coincides with the trading session. Trading will be suspended from 09:00 on 7-Feb-2024 until the ADX receives the meeting results. The resolution instructs all department heads in ADX to execute this resolution in their respective fields. The resolution will be circulated to the Securities and Commodities Authority (SCA), the concerned company, all departments at ADX, and all brokers accredited by ADX. The resolution was approved by an authorized person and issued on 05/02/2024.

The Board of Directors of Al Wathba National Insurance Company (PJSC) is set to meet on 07/02/2024. The agenda includes the approval of the minutes from the previous meeting and a resolution, a review of preliminary financial statements as of 31/12/2023, discussion on the governance of the Board and its committees, review of the business plan and company strategy, and assignment of Board member Ms. Sanaa Rashed Al Ketbi to supervise the company’s daily activities. The board will also discuss the minutes of its subcommittees and other general matters related to the company's activities.

The Board of Directors of Al Wathba National Insurance PJSC has passed a resolution (No. 001/2024) which authorizes the departure of CEO, Mr. Frederik Bisbjerg, effective 31/01/2024. The company wishes him success in his future endeavors. This information has been shared with the Central Bank of the UAE and the Securities and Commodities Authority.

On January 30, 2024, Al Wathba National Insurance PJSC announced the departure of its current CEO, Mr. Frederik Bisbjerg, from his official duties. The company expressed its best wishes for his future endeavors. The announcement was signed by Muralikrishnan R, the Authorized Signatory. The communication was also shared with the Central Bank of the UAE and the Securities and Commodities Authority.

On 26/01/2024, the Disclosures and Compliance Section of the Market Operations Surveillance Department in Abu Dhabi, UAE, sent a notification that the Board of Directors of Al Wathba National Insurance PJSC will pass a written resolution by circulation on Wednesday 31/01/2024, to consider operational matters for the company. The notification was signed by the authorized signatory, Muralikrishnan R, and copied to the Central Bank of the UAE and the Securities and Commodities Authority.

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.