Dubai National Insurance and Reinsurance (DNIR) has announced a full-year net profit of AED 55.073 million in 2020, despite a challenging year with the emergence of Covid-19. The company told shareholders at its AGM on Wednesday, 17 March 2021, that gross written premium for the year amounted to AED 317.271million, with net underwriting income at AED 53.590 million.
Shareholders approved a cash dividend of 30%, amounting to AED 34.65 million.
Khalaf Ahmad Al Habtoor, Chairman of the DNIR Board, thanked all the insurers’ partners and stakeholders for their unwavering support throughout what was a challenging year: “Adversity is the true test of character, and I would like to thank our shareholders, business partners and reinsurers for their confidence in the company,” he said. “This year was a challenging one for the insurance industry, both in terms of growth expectations and business continuity. Insurers need to be ready to meet the challenges and opportunities resulting from the rapid surge in the acceptance of digital technologies by consumers, which is radically transforming the way insurance operations are being managed.”
He praised the DNIR staff for navigating the challenges with determination and foresight. “From the very onset of the pandemic, the company’s business continuity plan was instantaneously put in motion. We were already in the process of implementing the digitization of our entire operations with the latest technology and cybersecurity features, even before the pandemic had struck. The proactive step tremendously helped in providing a seamless service in all aspects of policy underwriting and efficient claims servicing to our customers. The recent strategy towards transitioning to a paperless office is expected to further improve efficiency going forward through faster response times,” he added.
He also acknowledged the UAE authorities for their handling of the pandemic. “The countless measures and directives taken by the UAE leadership in support of the economy and financial system have led to the stellar success of our nation overcoming the unprecedented impact of the pandemic.”
Al Habtoor added: “This year comes with its own set of challenges, but the company is in a solid position with a truly diversified business mix that allows for resilience in challenging times. We are cautious but confident about the outlook for the year ahead.”
The AGM was broadcast to shareholders and the regulatory authorities via a live video link in collaboration with Dubai Financial Market (DFM), highlighting the firm’s commitment to investors.