Press releases, Reports & Disclosures for Al Ain Alahlia Insurance Co.

The Al Ain Ahlia Insurance Co. (PSC), incorporated in Abu Dhabi in 1975, held a board of directors meeting on April 25th, 2024. The meeting had 100% attendance from the seven board members. The board elected Mr. Mohamed Jouan Rashed Albadi Aldhaheri as Chairman and Mr. Khaled Mohamed Jouan Albadi Aldhaheri as Vice Chairman. The board also reconstituted several committees, including the Audit Committee, the Nominations and Remuneration Committee, the Risk Committee, and the Investment Committee, with various members assigned to each. The meeting started at 12:00 PM and ended at 1:00 PM.

The Al Ain Ahlia Insurance Co., incorporated in Abu Dhabi in 1975, held a General Assembly Meeting on 23rd April 2024. The meeting, chaired by Mohamed Jouan Rashed Albadi Adhaheri, had a quorum of 65.05% and was conducted either remotely or in person. The meeting approved the Board of Director’s report on the company’s activity and financial position for the fiscal year ended on 31/12/2023, the Auditor’s Report, and the company’s balance sheet and profit and loss account. It also approved a 20% cash dividend distribution valued at AED 30 million. The remuneration of the Board of Directors was set at AED 3,844,865. The liability of the board members and auditors for the fiscal year 2023 was discharged, and Grant Thornton was appointed as the external auditor for the same year with fees of AED 495,000.

The Al Ain Ahlia Insurance Co., incorporated in Abu Dhabi in 1975, held a General Assembly Meeting on April 23, 2024. The meeting was chaired by H.E. Mohamed Jouan Rashed Albadi Adhaheri, with 65.05% of the total capital represented. The assembly approved the 2023 fiscal year reports, including the company's activity, financial position, auditor's report, balance sheet, and profit and loss account. They also approved a 20% capital dividend distribution, amounting to AED 30 million, and a proposal for board members' remuneration totaling AED 3,844,865. The assembly discharged the board members and auditors of liability for the 2023 fiscal year and appointed Grant Thornton as the external auditor for the same year, with fees set at AED 495,000.

The Al Ain Ahlia Insurance Co., incorporated in Abu Dhabi in 1975 under law (18), held its General Assembly Meeting on 23/04/2024. The meeting was chaired by H.E. Mohamed Jouan Rashed Albadi Adhaheri and had a quorum of 65.05% of total attendance. The meeting approved the Board of Director's Report on the company's activity and financial position for the fiscal year ended on 31/12/2023, the Auditor's Report for the same fiscal year, the company's balance sheet and profit and loss account, and a recommendation to distribute 20% of the capital as cash dividends. The meeting also approved a proposal for the remuneration of the board members, discharged the liability of the board members and auditors for the fiscal year ended on 31/12/2023, and appointed Grant Thornton as the external auditor for the fiscal year 2023 with fees of AED 495,000.

The Al Ain Ahlia Insurance Company, incorporated in Abu Dhabi in 1975 under Law (18) and registered under No. (3) in the Insurance Companies Register, is subject to Federal Decree-Law No. (48) of 2023 regulating insurance activities. It has a paid capital of AED 150,000,000. A board meeting is scheduled for Thursday, 25th April 2024 at 12:00 PM. The agenda includes the election of the Chairman and Vice Chairman for the term 2024-2026, appointment of company committee members, and other new business. The meeting follows the board nomination decision made by the General Assembly on 23rd April 2024. The authorized signatory is Yaser Ibrahim Hmedan, the Board Secretary.

The Al Ain Ahlia Insurance Company has listed the candidates for its Board of Directors. The candidates are H.E. Mohamed Jouan Rashed Albadi Aldhaheri, H.E. Khaled Mohamed Jouan Albadi Aldhaheri, H.E. Ghaith Hammelkhadim Alghaith Alqubaisi, H.E. Saeed Ahmed Omran Almazrouei, H.E. Saif Ahmed Saif Saqer Almehairbi, H.E. Abdulla Mubarak Abdulla Mubarak Aldarmaki, and H.E. Shaikha Nasser Mohamed Ali Alnuwais. Approval of these candidates will be sought from the Central Bank of the United Arab Emirates and the Securities and Commodities Authority after the company's general assembly meeting on April 23, 2024.

The Articles of Association of Al Ain Ahlia Insurance Company are being amended in accordance with the governance system and standards issued by the Central Bank of the United Arab Emirates. The amendments are in line with the Federal Decree-Law No. (32) of 2021 on Commercial Companies, which requires public shareholding companies to update their articles of association. Changes include the potential for the company's capital to be increased or decreased by issuing new shares or obtaining approval from the Securities and Commodities Authority and the Central Bank of the UAE. The Board of Directors, comprised of seven members, will manage the company and elect a Chairman and Deputy Chairman. The board will also appoint an independent Secretary, separate from the company's management.

The text suggests an amendment to Article 25, which outlines the requirements for elected board members. The proposed change stipulates that at least 20% of the candidates for council membership must be female and that the requirement for board members to own shares with a nominal value of not less than Dhs. 1,000,000 does not apply to female candidates. This amendment is aimed at ensuring a minimum representation of women on the board, with UAE citizens who have experience in the business and insurance sectors eligible to run for board membership, regardless of their share ownership in the company.

Incorporated in Abu Dhabi under Law (18) of 1975, the Al Ain Ahlia Insurance Co. (PSC) held a board meeting on 28th March 2024. All seven board members attended the meeting, which started at 9:30 PM and ended at 10:30 PM. The board approved the minutes of the previous session, discussed the company's regular business, and approved board committee recommendations. The board also reviewed the Central Bank's approval of the company's 2023 financial statements and a proposal for a 20% cash dividend distribution. Additionally, the board discussed amending the company's articles of association regarding female representation on the board, pending approval at the next general assembly. The meeting was signed off by Yaser Ibrahim Hmedan, the Board Secretary.

Resolution No. (347) of 2024 announces the temporary suspension of trading on the shares of Al Ain Alahlia Insurance Co. This decision is made in accordance with Article No. (16) of the Regulations concerning the listing of securities on ADX. The suspension will begin at 09:00 on 23-Apr-2024, coinciding with the company's AGM, and will continue until the results of the AGM are received by ADX. The resolution instructs all ADX department heads to execute this decision in their respective fields and mandates its circulation to SCA, the concerned company, all ADX departments, and all brokers accredited by ADX. The resolution was issued on 26/03/2024.