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FINANCIAL NEWS
UAE- NGI posts 64% surge in 2012 profit
20 Mar 2013
(MENAFN) National General Insurance’s (NGI) chairman, Hamad Mubarak Buamim, stated that the company’s net profit soared by 64 percent to USD12.52 million last year, from USD7.62 million in 2011, reported Emirates 24/7.
Buamim said that gross premium income reached USD122.21 million, recording a rise of 3 percent from the USD118.40 million posted a year before.
He added that the firm, which operates via 6 branches including the Head Office, encountered fierce competition in 2012 and carried on reducing rates, which affected the technical results.
It is worth noting that NGI operates in all insurance classes including life, health, and all types of general insurances.
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