National General Insurance reports good results

The general meeting has also adopted all the items listed on the agenda.

NGI achieved a 26% increase in the gross premium income from Dhs290m tn 2007 to Dhs365m. The technical profits also increased by 54% over the same period to reach Dhs66m against Dhs42m for 2007.

Mr. Khalid Jassim Bin Kalban, the Chairman of NGI, said:

"Our ratio of technical profits to overall premium written at 18% is one of the highest in the market, while it is at 54% to the capital and 24% to the shareholders' equity. Due to the reduction in the value of financial assets, the company achieved net ptofits amounting to Dhs20m."

"The fourth quarter of 2008 has witnessed several challenges at the international and local levels, affecting most of the world's economies and hitting the insurance and reinsurance business at large," Bin Kalban noted.

"The most remarkable were the near collapse of the world's largest insurance company AIG and aiso the effects could be seen on most of European reinzurance firms. Most local insurance firms couldn't escape the current giobal crisis, as the technical profits and return on investments were badly hit, affectrng the net profits and shareholders' equity in such firms. Out company has not escaped from this crisis, but, with the grace of Allah, we managed to achieve good results and remarkable growth in the gross premium income and technical profits," said Bin Kalban.

Dr. Abdul Zahra A. Ali, the General Manager of the company, said the company will maintain the technical results level in 2009 and introduce new products that will help promote its market position. The company is operating in all insurance classes including life, health insurance and all types of general insurances. It operates through seven branches including the Head Office. The company is about to start marketing its products thtough Emirates NBD Bank in partnership wrth AVIVA Ltd.