Press releases, Reports & Disclosures for United Fidelity Insurance Company (P.S.C)

United Fidelity Insurance Company, in compliance with Federal Law No. 6/2007, has an authorized paid-up capital of AED 160,000,000. As of Q3 2024, the company reported accumulated losses of AED 52,783,716, representing 32.9% of its paid-up capital. These losses are primarily due to increased insurance service expenses, particularly from higher claims in the commercial and consumer sectors, exacerbated by an unusual flooding event in April 2024. The company incurred a net loss of AED 16.9 million for the period ending September 30, 2024. Under the new CEO, Ahmed Nasef, who assumed his role on July 2, 2024, Fidelity United is implementing measures to regain profitability. These include strategic portfolio reshaping, improved risk pricing controls, and an external review of motor pricing. The company's leadership is committed to reducing losses below the 20% threshold by the end of 2025.

Resolution No. 510 of 2024 announces the temporary suspension of trading for United Fidelity Insurance Company (P.S.C) shares on the Abu Dhabi Securities Exchange (ADX) due to a Board of Directors meeting scheduled for 13:00 on November 13, 2024. Trading will be halted from that time until ADX receives the meeting results. The resolution mandates that all department heads at ADX implement this decision, and it will be communicated to the Securities and Commodities Authority (SCA), the concerned company, all ADX departments, and accredited brokers. The resolution was approved by the authorized person and issued on November 7, 2024.