UAE - Community contributions of 21 insurers at AED 2.95 million
Monday, 04 01 2019, Category: Insurance and Reinsurance, Country: U.A.E
A report by Emirates NBD on the financial statements and governance reports issued by the boards of directors of 21 insurance companies in the UAE showed that they recorded a community contribution of only AED 2,952 million during the fiscal year 2018, representing 0.27%.
Emirates NBD's monitoring of the financial statements and corporate governance reports of 21 insurance companies in the UAE showed that they recorded a community contribution of AED 2.952 million only during the fiscal year 2018, representing 0.27% of its total net profit of 1.1 billion AED.
According to the monitoring, five companies announced no community contributions, while four companies did not specify the value of the contributions they made during 2018. One company, ADNIC, acquired about 40% of the total announced contributions of these companies.
Two managers in the insurance sector said that the percentage of community contributions to companies is weak and small compared to profits recorded by these companies, pointing out that some of the initiatives announced by companies can not be classified as necessarily a community contribution.
As a result of the published financial statements and governance reports issued by 21 of the 31 listed companies on the Dubai Financial Market and the Abu Dhabi Securities Market, Emirates NBD recorded a community contribution of AED 2,952 million only during the fiscal year 2018.
According to the monitoring, 12 insurance companies announced the value of these contributions, while five insurance companies did not provide any contributions, and four companies did not specify the value of their community contributions during 2018.
Source: Teller Report