Arabia Falcon Insurance Company SAOG (AFIC) conducted its first Annual General Meeting at the Capital Market Authority Business Hall on March 31, 2019. The Meeting was chaired by Shabir Moosa Abdullah al Yousef, Deputy Chairman of the Board, and was attended by board members, senior management of the company and shareholders.
The Board of Directors of AFIC presented the company’s financial performance for year ending on December 31, 2018. Shabir mentioned that the company recorded a gross written premium of RO 16.065 million for the year 2018 and an underwriting income of RO 2.806 million as well as an investment income of RO 1.076 million. The shareholders were happy to note that the underwriting income of the company for the year 2018 grew by 7 per cent and investment income grew by 24 per cent. The total assets of the company at the end of the year 2018 have seen a growth of 10 per cent, whereas the net profit of the company for the year 2018 grew by 23 per cent.
The shareholders discussed the corporate governance report and the auditors’ report for the fiscal year. They were happy to note the performance of the company and reviewed and approved the financials. The meeting also approved a cash dividend of 7 per cent of the paid-up share bapital of the company (7 baisas per share) for the financial year ended on December 31, 2018.
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