National Life to distribute cash dividends of 15.86%

Muscat: National Life and General Insurance Company recently held its Annual General Meeting (AGM) at Crowne Plaza Muscat. The meeting was chaired by Anwar Hilal Hamdoon Al Jabri, chairman of the Board of Directors of the company and in the presence of board members, shareholders, representatives of the Capital Market Authority (CMA), auditors of the company and the legal advisor.
The chairman opened the meeting by presenting the Board of Directors' report on the significant events during 2017and the financial statements. Shareholders unanimously approved the board of directors report and the financials for the year ended December 31, 2017.
The AGM approved to distribute a cash dividends of 15.86 per cent of share capital to shareholders and to allocate OMR30,000 to corporate social responsibilities (CSR) for the financial year ending December 2018.
The shareholders also decided to elect new Board of Directors comprising of Khalid Muhammed Al Zubair, Abdul Aziz Mohammed Ahmed Al Balushi, Anwar Hilal Hamdoon Al Jabri, Al Sayyid Zaki Hilal Saud Al Busaidi, Mohammed Taqi Al Jamalani, Ghassan Khamis Al Hashar and Neelmani Bhardwaj.
The company achieved outstanding performance in 2017. The profit after tax was OMR8.40 million in 2017 (compared to OMR4.70 million in 2016) with total assets of OMR142 million. National Life and General Insurance Company maintained the first position in terms of total written premiums and profits among national insurance companies in Oman as of December 31, 2017.
The chairman pointed out the positive results of the company's operations in the United Arab Emirates and that the Kuwait operations have commenced this year.
After the AGM, the newly constituted Board unanimously elected Khalid Muhammed Al Zubair as the Chairman and Abdul Aziz Mohammed Ahmed Al Balushi as the Deputy Chairman.