NGI declares 31 per cent increase in net profit

The results show that NGI has continued its year on growth despite the influences of the global economic recession and in the face of fierce competition in the local market. "The company is determined to play a major role in the insurance market in the UAE. NGI is very keen to achieve its objectives and keep its growth in the market," said Khalid Jassim bin Kalban, Chairman of NGI.

NGI achieved a 33 per cent increase in gross premium income - from Dh 43.5 million in 2001 to Dh 58 million in 2002. Its medical insurance continued its lead as the top contributor to the premium income growth, achieving a 39 per cent increase over 2001 figures - from Dh 18 million in 2001 to Dh 25 million in 2002, and on the general insurance it has also registered an impressive 29 per cent growth.

Underwriting profits grew to Dh 4.4 million in 2002 from Dh 3.6 million in 2001, while investment income rose from Dh 4.3 million in 2001 to Dh 5.9 million in 2002.

The company's financial achievements of the last year have led to the decision to increase the dividend payout. The company convened the annual general meeting on February 19, 2003 and the shareholders approved the distribution of a 7 per cent cash dividend amounting to Dh 4.2 million. Last year shareholders received a 5 per cent cash dividend for the year ending 2001.

The 2002 financial results is the culmination of a year of much achievement for NGI, said Dr. Abdul Zahra Abdulla Ali, NGI's General Manager. "One of the milestones for the company last year was its listing on the Dubai Financial Market (DFM)," he said. NGI (symbol: NGI) is the 12th company to be listed there. The company has an authorised and paid up capital of Dh 60 million, divided into six million shares of Dh 10 each. Share ownership is restricted to UAE nationals.

NGI, he stressed, will continue its trend of market innovation this year. "This will include the launch of life assurance and shortly thereafter, the launch of Bankassurance," the general manager said.