Abu Dhabi – Mubasher: The ordinary general meeting (OGM) of Abu Dhabi-listed Al Ain Al Ahlia Insurance Co. (AAAIC) has approved the Board of Directors’ dividend recommendation.

The OGM approved a 40% dividend distribution, totaling AED 60 million. The dividends are due on March 5, 2015.

AAAIC’s financials showed a net profit surge by 54% in FY 14 to AED 64.95 million ($17.7 million) compared to AED 42.177 million ($11.5 million) in FY13.

Earnings per share soared to AED 4.33 during the year against AED 2.81 the year before, recording a 54% rise.

AAAIC’s capital amounts to AED 150 million divided on 15 million shares at par value AED 10 per share.