Day after the DNIR AGM. We already knew DNIR's profits had tanked, but no comments on AGM results from this report...
Gulf News 20 Mar 2007 wrote:
Dubai National Insurance profit nosedives 90% on stock slump
By Shakir Husain, Staff Reporter
Dubai: Drastic losses from stock market investments hit Dubai National Insurance and Reinsurance's performance in 2006. The company's net profit for the year dropped more than 90 per cent.
It reported a net profit of Dh30.18 million last year compared with Dh305.76 million in 2005.
The Dubai-listed company's income from investments in stocks fell to Dh12.95 million from Dh301.53 million.
Most insurance companies have produced disappointing financial results because of their investments in the stock markets, which saw sharp corrections in 2006.
Dubai National Insurance general manager C.R. Jayakumar said the company still achieved "commendable technical insurance results." He said a restructuring strategy was put in place in 2005 that resulted in "prudent underwriting strategies" last year.
"The underwriting profits have increased by 29 per cent from Dh10.4 million in 2005 to Dh13.5 million in 2006 despite the reduction in gross premiums written," Jayakumar said.
Gross premiums dropped 43 per cent from Dh117.2 million in 2005 to Dh66.9 million last year. Net premiums fell to Dh26.72 million from Dh62.62 million.
"The sharp drop in net premiums suggests much less business was written than the previous year. One plausible explanation could be that they decided to exit certain lines of business perhaps because premiums were too low, or the claims were too high, or of unmanageable volatility," said Raj Madha, a banking analyst with EFG Hermes.
The company said it cut its administrative expenses by 36 per cent to Dh9.9 million from Dh6.3 million, thus improving its profitability.
Dubai National Insurance shares yesterday closed 1.49 per cent lower at Dh3.30.
Record Date of 27 Mar 2007 (or Entitlement Date )...
Nope, last trading day ...
DFM news
Who wrote this:
27/03/2007 Reminder: Today, 27 March 2007, is the last trading date to entitle the cash dividends of DNIR
Still haven't figured out when "Entitlement Date" means Last Trading Day and when it means Record Date (I've seen it mean both) _________________ UAE IPO list | posting guidelines
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