NGI net profit increased 170 per cent to AED 108 million

The general economic outlook has been vibrant and all companies in construction, manufacturing and the Finance sector have shown very good growth. NGI achieved its set growth showing a good performance.

"The company has planned a major thrust in areas of General Insurances, Life Insurance and Medical, apart from introducing new products in all these segments. NGI would also be expanding to other Emirates and consolidate its position in the market" said Mr. Khalid Jassim Bin Kalban the Chairman of NGI. The Chairman was also optimistic of "concluding a partnership with a leading International Insurance company specialized in the Life and Health care during the second quarter. With the Standard and Poors rating we are now well placed to attract quality business and grow our portfolio in all classes" added The Chairman.

The Chairman also said, "NGI was among the first to have achieved an accreditation of 'BBB' by Standard and Poors based on the interactive norms. The company also obtained necessary approvals for opening 3 additional branches, one in Sharjah and another in AbuDhabi to cater to the local requirements and also an additional branch for Dubai".

The General Manager, Dr. Abdul Zahra A. Ali said that "NGI has set an ambitious growth and would focus to achieve good results for 2006 while expanding its product lines through new products apart from branching out in Sharjah and Abu Dhabi" He further added that "NGI was able to conclude Reinsurance terms for 2006 with better terms, increased capacity and increased commission. We expect to increase the penetration of the market for Individual Life with more sales centres and additional bank branches covering the bancassurance" continued The General Manager.

NGI achieved a growth of 52% in the gross premium income from AED 89 Million to AED 135 Million. The portfolio of all classes was well balanced with medical showing a jump from 26% to 34%, motor 23%, general classes 28% and life 15%. All the classes showed improvement as per the set goals. The Company's total equity increased to AED 220.6 Million in 2005 from AED 117.4 Million of 2004 an increase of 88%. The total assets showed an increased of 83% from AED 175.6 Million in 2004 to AED 321 Million in 2005. The technical and outstanding claims reserve increased to AED 52.2 Million in 2005 as against AED 33.7 Million in 2004. Earnings per share increased to AED 14.93 as against AED 5.53 in 2004. Book value of NGI rose 63% to AED 30.4 from AED 18.6 as at end 2004. The shareholders approved the distribution of cash dividend of 10% and bonus shares of 40% on the existing capital at the Annual General Meeting held on the 6th March 2006. The shareholders also approved the split of the nominal value of shares from Dhs.10 to Dh.1.