ABNIC's Q2 profit steady at Dh63m

27/07/2010 00:00 AST

Al Buhaira National Insurance Co, or ABNIC, has maintained same profitability level that was achieved at the end of the second-?quarter of 2009.

The company recorded Dh63 million net profit in the second quarter, says a Press release issued by the insurance firm on Monday.

"ABNIC's total net profit at the end of second quarter 2010 hovered around the same level that was achieved for the same period last year. The company recorded premium revenue of Dh405 million for the period ended June 30 compared to Dh419 million for the corresponding period of 2009," Shaikh Faisal bin Khalid Al Qassimi, Chairman of the Board of Directors, said.

The company posted Dh55 million as its underwriting profit compared to Dh60 million in 2009. The company's total assets stood at Dh2.08 billion compared to Dh1.96 billion in 2009. Shareholders equity stood at Dh634 million compared to Dh668 million in 2009 due to the distribution of Dh75 million as cash dividends to the shareholders.

"The company's strategy continues to be prudent and selective in targeting profitable investments and developing new insurance products in order to meet challenging requirements of its clients at various levels. In addition to that, ABNIC is improving its core competencies and enhancing its risk management controls in order to protect the rights of its shareholders and policyholders," Nader T Qaddumi, General Manager of the company, said.

Khaleej Times