Hayah Insurance Company P.J.S.C

HAYAH Insurance Company P.J.S.C. has released its unaudited condensed interim financial information for the nine-month period ending on September 30, 2024.

HAYAH Insurance Company P.J.S.C has prepared a report in compliance with the SCA Board of Directors' Decision No. (32/R.M.) of 2019, which mandates companies with accumulated losses of 20% or more of their paid-up capital to adhere to specific disclosure requirements. As of Q3 2024, the company's accumulated losses stand at AED 78,907 thousand, which is 39% of its paid-up capital. These losses primarily stem from legacy issues associated with Green Crescent Insurance Company, predating the formation of AXA Green Crescent Insurance Company in 2015. Since 2019, HAYAH Insurance has been profitable and has reorganized to enhance profitability. Initiatives to address the losses include appointing a new CEO in 2018, revising the strategic direction, reducing general and administrative expenses, deploying pricing and monitoring tools, and restructuring the team to boost revenue.

HAYAH Insurance Company P.J.S.C. has released its unaudited condensed interim financial information for the nine-month period ending on September 30, 2024.

On 12th November 2024, HAYAH Insurance Company P.J.S.C held a Board of Directors meeting from 11:00 AM to 12:45 PM with six board members present, achieving a 67% quorum. During the meeting, the board approved the minutes of the previous meeting and the financial statements for the third quarter of 2024. They also reviewed and discussed recent developments in business and administrative matters. The meeting's outcomes were authorized by CEO Mohamed Seghir, with the company's seal included in the disclosure of results.

Resolution No. 517 of 2024 announces a temporary suspension of trading for Hayah Insurance Company P.J.S.C shares on the Abu Dhabi Securities Exchange (ADX). This suspension is due to a Board of Directors meeting scheduled for 11:00 on November 12, 2024, which coincides with the trading session. Trading will resume once ADX receives the meeting results. The resolution mandates all ADX department heads to implement this decision and requires it to be communicated to the Securities and Commodities Authority (SCA), the concerned company, all ADX departments, and accredited brokers. The resolution was approved by an authorized person and issued on November 8, 2024.

HAYAH Insurance Company P.J.S.C will hold a meeting on Tuesday, 12th November 2024, starting at 11:00 AM. The agenda includes approving the minutes from the previous Board Meeting, discussing and approving the Financial Statements for the third quarter of 2024, and addressing administrative and operational business matters that do not affect the share price. The meeting is authorized and signed by Mr. Mohamed Seghir, the Chief Executive Officer, on 6th November 2024, with the company's seal.

The General Assembly Meeting of HAYAH Insurance Company P.J.S.C was held on Monday, September 30, 2024, at 2:00 PM at the company's headquarters in Abu Dhabi. The meeting was conducted with both in-person and remote attendance after achieving the necessary quorum, with shareholders owning 155,446,873 shares, representing 77.72% of the company's share capital. The agenda topics were considered, and appropriate decisions were made. Board members present included Salama Amer Omar Saleh, Mohamed Abdullatif Kanoo, Mabkhoot Taleb Nehais Aamer Almenhali, Haisam Nizar Odeimeh, Samer Abdul Rahman Katerji, and Tariq Abdulqader Bin Hendi. Other board members were unable to attend due to prior commitments.

HAYAH Insurance Company P.J.S.C., located in Abu Dhabi, UAE, is a Public Joint Stock Company with a paid-up capital of AED 200 million, registered at the Central Bank of the UAE since 2008. On October 9, 2024, the company's Board of Directors held a meeting from 11:00 AM to 2:25 PM, with all nine board members present, achieving full quorum. The board discussed recent business and administrative developments. Mohamed Seghir, the Chief Executive Officer, is the authorized signatory for the meeting's resolutions.