International rating agency A.M. Best recently revised its Best’s Credit Rating Methodology. In a briefing targeted at the insurance industry in the region, Gregson Carter, managing director, Analytics, for EMEA markets, gave a presentation on the methodology behind calculation of rating of companies within the insurance and reinsurance sector. “The...
In exactly two years after the first meeting called by Green Crescent Insurance Company to inform its acquisition by AXA Gulf and Kanoo Group, both parties recently announced the launch of AXA Green Crescent Insurance. The strategic alliance involved an investment of AED100 million via a convertible bond instrument, pushing...
Dar Al Takaful has recently announced that the company’s gross contribution income for the period ended December 31, 2015, is AED208 million compared with AED151 million for the same period of 2014, showing growth of 38 percent. Underwriting profit for the period ended December 31, 2015 has been recorded as...
Islamic Arab Insurance Company (Salama) has recorded revenue increase to AED933,346 as of December 31, 2015, from AED764,117 in 2014. Total assets are 3,359,189, remaining unchanged from the period in 2014. Shareholders’ equity reduced for the period ended December 31, 2015 to AED959,307 compared to AED1,172,933 from the same period...
Abu Dhabi National Insurance Co. (ADNIC) said its extraordinary general meeting held recently gave the go-ahead for issuing convertible bonds worth AED390 million (USD106.2 million), with a maturity period of three years. The bonds have an interest rate of 7.5 percent, to be paid annually. Shareholders also approved the board’s...
Ascot & Fitch Insurance Brokers and Unity Insurance Broker are now the latest firms after Guardian Wealth Management to enter the UAE insurance industry. In a recent update, the Insurance Authority has handed licences to these companies, following the financial regulations that were promulgated by the end of 2014. Insurers...
The UAE’s insurance regulator has granted its first brokerage licence in around eight years, to international IFA firm Guardian Wealth Management. The company already has a licence with the Emirates Securities & Commodities Authority (ESCA) but can now access the international companies, which are regulated by the Abu Dhabi-headquartered Insurance...
Al-Khaleej Takaful Group shared its financial statements for the period ended on December 31, 2015. The statements show that the net profit is QAR43.38 million compared to net profit amounting to QAR74.4 million for the same period of the previous year. Earnings per Share (EPS) amounted to QAR1.7 for the period ended...
Qatar Insurance Company (QIC), which has established Singapore as its business hub in the Southeast Asia, is further expanding its global footprint, its group president and chief executive Khalifa Abdulla Turki al-Subaey said. QIC established a dedicated platform at Lloyd’s Asia in Singapore following the 2014 acquisition of Antares. “Singapore has...
Al-Ahlia Insurance Company has reported a net profit of KWD11.1 million for the fiscal year ending on December 31, 2015, compared to KWD8.52 million for the same period of 2014. Al-Ahlia’s Board of Directors recommended distribution of 35 percent of dividends to shareholders for the fiscal year that ended in...
