Aman General Assembly holds its ordinary meeting

The Assembly looked into the reports represented by the board of directors for the fiscal year ended December 31, 2006.

HE Sultan Saeed Al Mansori, chairman of Aman confirmed that the company achieved noteworthy performance during its fourth year of operation. The total underwritten instalments for all insurance categories in 2006 amounted to DH 165.3 million compared to DH 94.9 million in 2005 with a rate increase of 74%. Growth in the interim budget amounted to DH 45.3 million; with 38% rate increase. Until 31/12/2006, surplus reserve amounted to DH 16 million compared to Dh 14 million in the 31/12/2005 budget.

Mr. Hussein M. Al Meezeh, member of the Board of Directors, said that with God's blessing Aman continues its expansion and enhances its presence in the insurance markets in the United Arab Emirates. Aman announced its plans to penetrate the Gulf and Arab markets. It recently won an approval from Bahrain Central Bank to establish Aman Bahrain.

Aman General Assembly examined the Board of Directors' report for the fiscal year ended 31/12/2006, in addition to the Fatwa and legitimate Control Panel report on the company's operation during the previous year. It also looked into the auditor's report on the balance sheet and profit and loss account for 2006.

The meeting was attended by great number of shareholders. Attendees discussed the balance sheet and the profit and loss account for 2006. The General Assembly cleared the Board of Directors and auditors for their work during the fiscal year ended 31/12/2006. It also appointed auditors for the present year 2007.

In order to meet its objectives, Aman raised its capital from 60 million Dirham to 200 million. Aman aims at expanding and enhancing its presence locally and regionally under the current and potential competition in different insurance markets.