Abu Dhabi – Mubasher: Al Ain Al Ahlia Insurance Co. (AAAIC) said in a bourse filing that its board of directors will meet on 21 April to discuss opening a new branch in Abu Dhabi added to other items on the agenda.

AAAIC’s financials showed a net profit rise by 54% in FY 14 to AED 64.95 million compared to AED 42.177 million in FY13.

Its ordinary general meeting approved a 40% dividend distribution, totaling AED 60 million. 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.

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