NGI has secured approval to add Life Assurance to it portfolio of products and expects to soon be able to offer it to prospective customers in the UAE.

NGI has over the last six years been involved in a process of dynamic restructuring. According to Dr. Abdul Zahra Ali, NGI's General Manager, this has been a period of evolution that has brought the company closer to the public through its delivery of essential insurance products and services.

Dr. Ali and senior executives at NGI are upbeat about the future of the company. "The company is now well-established and ready for strong market expansion. NGI has a clear vision and well-planned agenda of how to grow to meet the challenges of a competitive market," said Dr. Ali.

NGI underwrites most classes of insurance, like health, property, casualty, fire, workmen compensation, construction, transport and many others. The most significant part of NGI's products and services currently is its medical insurance marketed under the HealthNet brand.

NGI anticipates that its life insurance cover, due to be launched in the near future, will be another of its key revenue earners.
The company has already been granted the license to offer life insurance, and is in the process of establishing the facilities.
10 improved from .39 fils to Dh1.23 in 2001.
July 20, 2002.

Bancassurance products cannot be sold directly by a bank, but by a representative of the insurer operating from its premises.
"This helps us immensely when it comes to costs. Instead of having to operate through new branches of our own, we can penetrate the market through established bank branches," said Mohammed Al Jallaf, director.
Despite its obvious benefits, bancassurance is still a relatively untapped market in the UAE.
Meanwhile, NGI recorded a net profit of Dh8.97 million in 2002, which is a 31 per cent gain over the previous year. Gross premium income grew 33 per cent to Dh58 million, with medical insurance topping with Dh25 million. Investment income rose to Dh5.9 million.
The annual general meeting approved a dividend of seven per cent, compared with five per cent in 2001, totalling Dh4.2 million.
The company's shares did not trade yesterday.

Reported by: www.gulfnews.com
Reported on: 20.02.2003.