Listed companies in the UAE recorded an aggregate profit decline of 12% to AED602m ($164m) for the first quarter of 2022 when compared with the corresponding period of 2021 when combined profits were AED687m, according to data compiled by Badri Management Consultancy.
RSA Middle East has entered into a 5-year distribution agreement with Dubai-headquartered Emirates NBD, a leading banking group in the Middle East, North Africa and Turkey (MENAT) region, to provide general insurance solutions.
The aggregate profit of insurance companies listed on UAE stock exchanges fell by 12.9% to AED590.87m ($160.86m) for the first quarter of this year, compared to AED678.07m for the corresponding quarter in 2021.
Car owners have been given a grace period of 30 days to renew an expired driving licence in case they have caused an accident so that they would still be protected by motor insurance coverage, sources working in the insurance sector have said.
Abu Dhabi National Insurance Company (ADNIC), a leading regional multi-line insurer, has reported a net profit of AED84.7m ($23m) for the first quarter of this year.
The United Arab Emirates will introduce a form of unemployment insurance, the Cabinet announced yesterday, the latest reform by the Gulf country as it strives to attract talent and investment amid increasing regional economic competition.
AM Best expects National General Insurance Company (NGI) to grow modestly over the short-to-medium term, with a focus on achieving bottomline profitability and a balanced portfolio.
Sukuk issuances in the UAE are on an uptrend, and increased by 76% to $1.25bn globally at the end of the first quarter of this year, compared to $710m at the end of the first quarter of 2021.
S&P Global Ratings has raised its long-term issuer credit and insurer financial strength ratings on Dubai-headquartered Oman Insurance to 'A' from 'A-'. The outlook is 'Stable'.
Shareholders of two of the UAE's largest Islamic insurance companies, Dubai-based Dar Al Takaful (DAT) and Abu Dhabi-based Watania, have voted in favour of a merger that will create the UAE's biggest Islamic insurer by market share.