Abu Dhabi National Insurance Company, ADNIC, approved the distribution of 30 percent cash dividends, AED 0.30 per share, implying total cash dividends of AED 144.6 million for the financial year ended 31 December 2019.

ADNIC concluded its Annual General Meeting (AGM) today where shareholders approved the Board of Directors’ Report, financial statements, to amend Article (7) of the Company’s Articles of Association in order to allow for the foreigners to own a percentage not exceeding 25 percent of the Company’s Capital, and to allow for the Company to buy up to 10 percent of its shares Commenting on ADNIC’s performance, Sheikh Mohamed bin Saif Al Nahyan, Chairman of ADNIC, said: "In line with our commitment to maximise shareholder value and deliver top returns, we are very pleased to announce the distribution of 30 percent cash dividends, totalling AED 144.6 million. 2019 was a solid year for ADNIC, with the company’s net profit up 20.7 percent year-on-year to reach AED 284.3 million reflecting the company’s fundamental strength."

He added: "With our focus now firmly on 2020, we are looking to build capabilities for the future. To this end, ADNIC will continue to invest in digitisation and new technologies that will have multiple strategic and financial gains in the years to come. We are confident that this will generate sustainable and higher shareholder value going forward."

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