Gulf News 20th February 2005

National General Insurance has reported a 203 per cent jump in its net profit to Dh40.04 million for 2004. The shareholders yesterday approved the NGI board proposal for a 10 per cent cash dividend and 15 per cent stock dividend on the existing capital.
NGI has achieved its growth target despite stiff competition in the local market.

"The company has set itself a high standard of growth for the ensuing year and would play a major role in the life and health insurance apart from the other regular insurances.

"NGI would maintain its growth in the market," said Chairman Khalid Jassim Bin Kalban.The company achieved a growth of 30 per cent in gross premium income from Dh68.7 million to Dh89.07 million.
The spread of all classes of insurance in premium income was well balanced with medical generating 26 per cent, general classes 30 per cent, motor 28 per cent and life turning in 16 per cent.

The company's total equity increased to Dh117.43 million in 2004 from Dh82.55 million as of end-2003, an increase of 42.25 per cent. Total assets increased to Dh175.65 million in 2004 as against Dh122.77 million in the previous year. Total technical reserves and outstanding claims reserve improved to Dh36.46 million in 2004 compared with Dh20.23 million in 2003.The earnings per share increased to Dh6.36 as against Dh2.10 in 2003.

"NGI will strive to achieve good growth in the insurance market and will achieve improved results for 2005," said Dr Abdul Zahra A. Ali, general manager.

He said the company expects to increase its penetration in the individual life and group life segment, with the opening of the branch at Bur Dubai, along with the launch of new products in the segment."We also expect a higher growth in bancassurance in 2005 with the extension of the business to many other branches. "The company proposes to open additional branches during the year in Sharjah and Abu Dhabi," said Dr Ali.