Al Ahlia Insurance by Damac Holdings declares 2007 financial results

Profit from insurance operations for the year stood at Dhs 14,087,248, up from 2006 profit of Dhs 10,080,246, showing a growth of 40%.

The company's net earn premium for the year grew by 22 per cent to Dhs 36,535,077 against previous year's figure of Dhs 29,975,837, while its gross premium for the year was Dhs 96,433,567, up from 2006 figure of Dhs 88,367,718.

General Manager Mr. Yahya Nooruddin said the company could achieve better operation results because of their prudent underwriting practices and ability to retain their customers.

Al Ahlia's investment portfolio also showed strong result for 2007.

The investment fair value reserve increased by 528 per cent during 2007 from Dhs 15,479,999 as at December 2006 to Dhs 97,254,804 by 2007 year end.

Shareholders equity increased by 110 per cent during 2007 from Dhs 96,308,696 end of December 2006 to Dhs 202,122,448 by 2007 year end.

The investment income declared for 2007 was Dhs 24,571,702 compared to the previous year figure of Dhs 20,557,970.

The earnings per share for 2007 were 97.91 fils compared 2006 earnings of 75.75 fils.

The Board of Directors(BOD) in their meeting held on 27th January 2008 have recommended a cash dividend of 50% amounting to Dhs 16,173,675 and a bonus share issue of 10% amounting to Dhs 3,234,735.

Mr. Nooruddin said, "Al Ahlia Insurance key focus is to continue serving existing customers effectively and increase shareholder value. Our customer service section established last year has played a major role in responding to customers' needs and concerns more effectively. We plan to continue expanding our customer service division and will open new branches during 2008 to ensure even greater reach."

He further added, "2007 was a great year for Al Ahlia, we are looking forward to a even better 2008".