TO BE Alert to our clients’ needs by providing out-of-the-box insurance solutions through experienced and dedicated staff.
CHAIRMAN’s
STATEMENT
“
On behalf of the Board of Directors, I am pleased to present to you the Insurance House Annual Report for the financial year ended 31 December 2022.
For the year ended 31 December 2022, IH has registered a Net Profit of AED 4.36 million compared to AED 9.52 million in the previous year. This is a direct result of the extremely competitive business environment we were operating in, that led to a squeeze on our Net Underwriting Income- especially in the Motor business.
Gross Premiums Written during 2022 were significantly higher at AED 281.25 million compared to AED 207.31 million written during the previous year. Net Premiums Earned in 2022 were also higher at AED 139.13 million compared to AED 134.43 million in the previous year. However, Net Claims Incurred during 2022 were significantly higher at AED 89.71 million compared to AED 66.64 million in the previous year. As a combined result of the above, Net Underwriting Income for 2022 was lower at AED 37.61 million compared to AED 46.48 million registered during the previous year.
Mohammed Abdulla Jumaa Alqubaisi
MISSION
STATEMENT
VISION
STATEMENT
insurance house aspires to be a leader in its domain by providing superior insurance solutions to its clients in the UAE market.
BOARD OF DIRECTORS
-
Mr. Mohammed
Abdulla Jumaa Alqubaisi Chairman -
Ms. Alia Abdulla
Al Mazrouei Vice Chairman -
Mr. Khaled
Abdulla Alqubaisi Board Member -
Mr. Abdulmajeed Ismail
Ali Abdulrahim Alfahim Board Member -
Mr. Murtadha Mohamed
Sharif Alhashmi Board Member -
Mr. Jassem
AlDhaheri Board Member -
Mr. T.K
Raman Board Member -
Mr. Mohammed
Othman Chief Executive Officer
STATEMENT OF FINANCIAL POSITION
For the year ended 31 December 2022, IH has registered a Net Profit of AED 4.36 million compared to AED 9.52 million in the previous year. This is a direct result of the extremely competitive business environment we were operating in, that led to a squeeze on our Net Underwriting Income- especially in the Motor business.
NOTES TO
FINANCIAL
STATEMENTS
Insurance House P.J.S.C. (the “Company”) is a Public Joint – Stock company registered and incorporated in the Emirate of Abu Dhabi, United Arab Emirates and is engaged in providing all classes of non-life insurance solutions in accordance with UAE Federal Law No.6 of 2007. The Company was established on 8 December 2010 and commenced its operations on 10 April 2011. The Company performs its activities through its head office in Abu Dhabi and branches located in Al Samha, Dubai – Sheikh Zayed Road, Dubai – Business Bay, Sharjah, Al Mussafah, Mahawi and Motor World.
The Company’s ordinary shares are listed on the Abu Dhabi Securities Exchange.
The registered office of the Company is P.O. Box 129921 Abu Dhabi, United Arab Emirates.
Federal Law by Decree No. 32 of 2021 on Commercial Companies (the “New Companies Law”) was issued on September 20, 2021 with an effective date of 2 January 2022, and will entirely replace Federal Law No. 2 of 2015, as amended, on Commercial Companies, as amended. The Company has twelve months from the effective date to comply with the provisions of the New Companies Law.