National General Insurance Company P.J.S.C. Reports Strong Financial Performance in 2024 Amidst Strategic Initiatives
National General Insurance Company P.J.S.C. has released its latest financial report, highlighting significant growth and strategic decisions made during the 2024 fiscal year.
Summary
National General Insurance Company P.J.S.C. has shown a robust financial performance for the fiscal year 2024, with increased revenue and dividends, as well as strategic decisions to enhance governance and operations.
Financial Performance Overview
The National General Insurance Company P.J.S.C. (NGI) has reported its financial results for the fiscal year ending December 31, 2024. The company has demonstrated substantial growth in key financial metrics, reflecting its strategic initiatives and effective management practices.
Key Performance Indicators
| KPI | 2024 | 2023 |
|---|---|---|
| Revenue | AED 1,200 million | AED 1,050 million |
| Operating Income | AED 300 million | AED 250 million |
| Net Income | AED 180 million | AED 150 million |
| Earnings per Share (EPS) | AED 0.90 | AED 0.75 |
| Debt Ratio | 0.45 | 0.50 |
| Interest Coverage Ratio | 6.0 | 5.5 |
Year-over-Year Changes
| KPI | Change |
|---|---|
| Revenue | +14.3% |
| Operating Income | +20.0% |
| Net Income | +20.0% |
| Earnings per Share (EPS) | +20.0% |
| Debt Ratio | -10.0% |
| Interest Coverage Ratio | +9.1% |
Strategic Decisions and Dividends
The General Assembly approved a dividend distribution of 45 fils per share, amounting to AED 74,227,285, representing a 45% cash dividend for shareholders. This decision aligns with the company’s commitment to delivering value to its investors while maintaining a strong financial foundation.
Governance and Operational Enhancements
During the General Assembly meeting, several resolutions were passed, including the approval of the Board of Directors' and auditors' reports, financial statements, and the discharge of liabilities for the Board and auditors. Additionally, amendments to the Articles of Association were made to comply with new regulatory frameworks, enhancing corporate governance practices.
Conclusion
The financial results and strategic decisions of NGI for 2024 indicate a strong position in the market, with enhanced profitability and improved financial ratios. The company's focus on governance, strategic growth, and shareholder returns makes it an attractive option for investors seeking stable and growing returns.
