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.

Resolution No. (469) of 2024 addresses the temporary suspension of trading for United Fidelity Insurance Company (P.S.C) shares on ADX. The suspension will start at 12:00 on 14-Aug-2024 due to a Board of Directors meeting scheduled at the same time. Trading will resume once ADX receives the meeting results. The resolution mandates all ADX department heads to implement the decision and requires circulation of the resolution to the SCA, the concerned company, all ADX departments, and accredited brokers. The resolution was approved by an authorized person and issued on 12-Aug-2024.

Resolution No. 420 of 2024 addresses the temporary suspension of trading on the shares of the United Fidelity Insurance Company (P.S.C). The suspension is due to the company's failure to submit the results of their Board of Directors meeting. The suspension will start from 24th May 2024 until the company discloses the meeting results. All department heads in ADX are required to implement this resolution in their respective fields. The resolution is to be circulated to the Securities and Commodities Authority (SCA), the concerned company, all departments at ADX, and all brokers accredited by ADX. The resolution was approved by the authorised person and issued on 24/05/2024.

Resolution No. 414 of 2024 announces the temporary suspension of trading on the shares of United Fidelity Insurance Company (P.S.C). The suspension is due to the company's failure to submit its Financial Statement. The suspension begins on 14 May 2024 and will remain in effect until further notice. All heads of departments in ADX are required to execute this resolution in their respective fields. This resolution will be circulated to SCA, the concerned company, all departments at ADX, and all brokers accredited by ADX. The resolution was approved by the authorized person and issued on 14 May 2024.

Resolution No. (350) of 2024 announces the temporary suspension of trading on the shares of United Fidelity Insurance Company (P.S.C) on ADX. This decision is due to the company's AGM being held at 12:00 on 23-Apr-2024, which coincides with the trading session at ADX. The trading will be suspended from 09:00 on 23-Apr-2024 until ADX receives the AGM results. Department heads at ADX are instructed to implement this resolution in their respective fields. The resolution will be circulated to SCA, the concerned company, all departments at ADX, and all brokers accredited by ADX. The resolution was approved by the authorized person and issued on 28/03/2024.

The United Fidelity Insurance Company has invited its shareholders to its general meeting on April 23, 2024. The meeting will be held online or at the company's branch in Dubai, UAE. The agenda includes reviewing and approving the company's financial reports for the year ended December 31, 2023, a proposal not to distribute cash dividends for the same year, discharging the Board of Directors and External Auditors of liability for their 2023 activities, and appointing External Auditors for 2024. Shareholders can appoint another person to attend the meeting and vote on their behalf through a special power of attorney.

Resolution No. 323 of 2024 temporarily suspends trading of United Fidelity Insurance Company's shares on the ADX, as per article No. 16 of the Regulations Concerning the Listing of Securities. The suspension is due to the company's Board of Directors meeting scheduled for 13:00 on 14-Mar-2024, which coincides with the ADX trading session. Trading will be suspended from 09:00 on 14-Mar-2024 until the ADX receives the meeting results. All department heads at ADX are required to implement this resolution. The resolution should be circulated to SCA, the concerned company, all ADX departments, and all ADX-accredited brokers. The resolution was approved by the authorized person and issued on 12/03/2024.