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RAK Insurance sees AED 3.5m profit in 2019; bonus shares proposed

RAK Insurance sees AED 3.5m profit in 2019; bonus shares proposed
Net insurance premium revenues increased to AED 348.3 million
RAK Insurance
RAKNIC
15.00% 2.30 0.30

Abu Dhabi – Mubasher: Ras Al Khaimah National Insurance Company (RAK Insurance) registered net profits of AED 3.534 million in fiscal year 2019, down from AED 19.435 million in 2018.

The company’s net insurance premium revenues increased to AED 348.307 million in 2019 from AED 285.214 million during the previous year, according to the company’s financial statements for fiscal year ended on 31 December 2019 disclosed to the Abu Dhabi Securities Exchange (ADX) on Thursday.

Meanwhile, the company posted a net underwriting loss of AED 2.834 million last year, compared to a profit of AED 19.566 million in 2018.

The basic and diluted earnings per share (EPS) stood at AED 0.03 in 2019, compared to AED 0.17 during the earlier year.

At the same time, the company’s board proposed the distribution of 5% of bonus shares for fiscal year 2019.

It is noteworthy to mention that during the third quarter of 2019, the insurance company recorded AED 3.9 million losses, versus AED 4.15 million profits during the same quarter of 2018.