Emirates News Today, ‘Securities’ agrees to ‘Abu Dhabi Insurance’ to purchase...

ABU DHABI, 4th October, WAM – The Securities and Commodities Authority has approved the Abu Dhabi National Insurance Company’s request to purchase no more than 10% of its shares, totaling 570 million shares.

The announcement of the Authority’s approval of Abu Dhabi Insurance Company to buy a percentage of its shares came according to a disclosure published on the Abu Dhabi Securities Exchange website today.

Abu Dhabi Insurance’s decision to buy part of its shares comes based on a previous decision approved by the company’s annual general assembly held on March 15, 2020.

The company’s board of directors was also authorized to implement the decision within the specified period and reduce the company’s capital in the event that the time limit for the sale of the purchased shares expired by canceling these shares with the company’s capital being amended by the articles of association.

It is noteworthy that Abu Dhabi Insurance Company is one of the largest operating companies in the sector, and its shares are traded on the Abu Dhabi Stock Exchange.

The company achieved profits of 189.7 million dirhams / 33.3 fils / share / at the end of the first half of 2020, compared to profits of 118.6 million dirhams during the same period in 2019.

The increase in profits during the first half of the current year was supported by the increase in total written premiums by 9% compared to the same period, in addition to a decrease in net claims incurred by 19% to reach 403.7 million dirhams, compared to 500.6 million dirhams.

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