January 31, 2015 8:46 AM ET

Insurance

Company Overview of Al Fujairah National Insurance Company P.S.C, Fujairah

Company Overview

Al Fujairah National Insurance Company P.S.C, Fujairah provides insurance coverage and consultancy services in the United Arab Emirates. The company underwrites various classes of general insurance, including fire, motor, life and medical, automobile, aviation, energy, liability, life and medical, marine, miscellaneous, property, engineering and projects, and accident vehicle insurance. It also invests in U.A.E. marketable equity securities, fixed deposits with banks, and investment properties. Al Fujairah National Insurance Company P.S.C, Fujairah was founded in 1976 and is headquartered in Fujairah, the United Arab Emirates.

Insurance Building

8th Floor

Hamad Bin Abdullah Street

PO Box 277

Fujairah,  

United Arab Emirates

Founded in 1976

Phone:

971 9 2233355

Fax:

971 9 2224344

Key Executives for Al Fujairah National Insurance Company P.S.C, Fujairah

General Manager
Finance Manager
Health & Life Insurance Manager
Accounts & Administrative Manager
Deputy General Manager of Technical & Reinsurance
Compensation as of Fiscal Year 2014.

Al Fujairah National Insurance Company P.S.C, Fujairah Key Developments

Al Fujairah National Insurance Company P.S.C, Fujairah Announces Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014

Al Fujairah National Insurance Company P.S.C, Fujairah announced unaudited earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported net insurance premium revenue of AED 29,199,774 compared to AED 29,141,731 a year ago. Net underwriting profit was AED 7,473,477 compared to AED 852,904 a year ago. Profit for the period was AED 11,265,075 or AED 11.27 per basic share compared to AED 1,112,787 or AED 1.11 per basic share a year ago. For the nine months, the company announced that it achieved net profit of AED 15.16 million compared with AED 13.68 million for the same period last year. The premium revenue is AED 120.77 million compared to AED 117.60 million for the same period last year. The net technical insurance profit was AED 10.55 million compared to AED 10.72 million for the same period of the year 2014. The company's net investment profit was AED 9.98 million as compared with AED 8.27 million for the same period at last year. The basic earnings per share were AED 15.17 as compared to AED 13.69 for the same period for 2013. Net insurance premium revenue was AED 88,851,510 compared to AED 86,900,830 a year ago. Net cash generated from operating activities was AED 2,678,286 compared to AED 12,078,979 a year ago. Purchase of property and equipment was AED 2,000,525 compared to AED 1,041,149 a year ago.

Al Fujairah National Insurance Company P.S.C, Fujairah Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014

Al Fujairah National Insurance Company P.S.C, Fujairah reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, net insurance premium revenue was AED 29,778,730 against AED 28,666,128 a year ago. Net commission earned was AED 2,940,730 against AED 3,917,974 a year ago. Net underwriting loss was AED 284,413 against net underwriting profit of AED 1,854,168 a year ago. Loss for the period was AED 1,080,605 or AED 1.08 per basic share against profit for the period of AED 4,942,064 or AED 4.94 per basic share a year ago. For the six months, net insurance premium revenue was AED 59,651,736 against AED 57,759,099 a year ago. Net commission earned was AED 10,811,349 against AED 21,017,166 a year ago. Net underwriting profit was AED 3,078,096 against AED 9,867,491 a year ago. Profit for the period was AED 3,902,620 or AED 3.90 per basic share against AED 12,576,650 or AED 12.58 per basic share a year ago. Net cash generated from operating activities was AED 7,819,481 against AED 8,658,046 a year ago. Purchase of property and equipment was AED 1,571,655 against AED 626,470 a year ago.

Al Fujairah National Insurance Company P.S.C, Fujairah, Annual General Meeting, Apr 10, 2014

Al Fujairah National Insurance Company P.S.C, Fujairah, Annual General Meeting, Apr 10, 2014., at 12:00 Arab Standard Time. Location: Al Fujairah National Insurance's Head office at Fujairah. Agenda: To consider and discuss the board of directors report regarding the company activities and its financial position for the financial year ending 31 December 2013 and approve the same; to consider and discuss the report of the external auditors regarding the company's financial year ending 31 December 2013 and approve the same; to consider and approve the balance sheet and profit and loss account of the company for the financial year ending 31 December 2013; to consider and approve the board of directors recommendation relating to distribution 7.50% of dividends for the financial year ending 31 December 2013; to consider discharge the members of the board of directors and external auditors of liability with respect of their work for the financial year ending 31 December 2013; and to appoint the external auditors of the company for the year 2014 and determine their remuneration.

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