Dubai: The general assembly of the Oman Insurance Company (OIC), the largest insurance company in the UAE, has approved the board of directors' recommendation to distribute 2009 profits at the rates of 40 per cent in cash and 10 per cent in shares. The decision was taken during the annual general assembly meeting held yesterday at OIC's head office.
The company had recently announced a net profit of Dh189 million for 2009 relying on strong growth in its technical operations. Net profits from technical operations reached Dh317 million, an increase of 44 per cent compared to Dh220 million in 2008.
2010 outlook
Speaking about the company's outlook for 2010, Mattar Humaid Al Tayer, chairman of OIC, said that the company's main goal is to maintain the growth and performance of 2009. "Our focus is going to be on sustainability," he said. "We'll continue to do the best we could to satisfy our customers."
Al Tayer said the company will be very cautious this year since there are no signs that the conditions of 2010 will be any different from those of 2009. "Obviously, the general conditions of the overall financial crisis, our feeling is it's going to be a status quo," he said.
He explained that OIC will continue to focus on its internal development and will introduce a new software that will help it do business better.
He explained that there are opportunities that the OIC can take advantage of even when business slows down. "We'll be able to take advantage of the market condition and take over other business," he said.
"Other smaller companies aren't able to sustain clients for example, that's where we can come in and give a better offer and a better coverage," he said. "And that's what happened in 2009.
