Abu Dhabi-based insurer and reinsurer, Emirates Insurance Company (EIC) has declared a net profit of AED140m ($38.1m), an increase of 23% over 2018. This represents the company's best result since 2005.
The A-rated company will also increase its dividends— already one of the highest in the sector—to 60 fils per share for 2019. For 2018, the company paid cash dividends of 55 fils per share.
EIC CEO, Mr Jason Light, said, “EIC continues to demonstrate consistently strong growth and excellent shareholder returns. We are particularly proud to have paid our shareholders more than AED1bn in dividends since our management was reorganised in 2007”.
The company turned over AED1.136bn in revenue in 2019 and operates from more than 20 locations in UAE. In 2018, gross premium stood at AED1.043bn.
One of the pioneering insurance companies in the region, EIC was incorporated in 1982. It is listed on the Abu Dhabi Securities Market and is one of the longest established insurance companies in the UAE. EIC has an authorised and issued share capital of AED150m, with assets in excess of AED2.4bn. 12% of the shares in the company are held by ADIC, the domestic sovereign wealth fund of the Abu Dhabi government.
EIC is primarily involved in corporate lines business in the UAE and reinsurance business in Afro-Asia. The company offers fire & general accident, engineering, marine, medical, life and motor insurance to its clients.