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Shareholders Endorse Green Crescents Restructuring Plans
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Green Crescent Insurance Company (PJSC), one of the leading health and life insurance players in the UAE, announced that is has received its

 

shareholders´ support for its capital restructuring plans. The approval came at an extraordinary general meeting (EGM) held yesterday in Abu Dhabi at which the Board of Directors proposed a well-defined growth plan to the shareholders. Consequently, the majority of GCIC shareholders voted in favor of the company´s plans to restructure its capital.

 

The capital reduction is aimed to strengthen the company´s balance sheet and bring it in line with the regulatory framework as the company writes off its accumulated losses reducing the paid-up capital to AED 100 million.

 

HH Sheikh Saeed Bin Hamdan Al Nahyan, Chairman of GCIC said: "We are very pleased with the outcome of the EGM. We have received a clear mandate for the capital restructuring. We have already witnessed significant improvement in the company´s performance over the past twelve month as a result of adapting a new business strategy and we are confident about the future".

 

Green Crescent has recently reported a significant improvement in its financial results over the first three quarters of the year, posting 48% improvement in net results and a technical profit of Dhs 5.1 million.

 

Commenting on the future outlook of the company, Dr. Hazem Al Madi, CEO of Green Crescent Insurance Company said: "We value the support given to us by the shareholders and we are committed to deliver our promises to them. We have now the required resources, the clear strategy and the strong financial statements that will allow us to steer the company towards profitability and to further reinforce our position within the insurance market."

 



Publication: Press Release

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AXA Green Crescent Insurance Company (AXA Green Crescent) is part of AXA Group, a worldwide leader in insurance and asset management. Headquartered in Abu Dhabi, AXA Green Crescent has been created post a strategic alliance between AXA Group, Kanoo Group and Green Crescent Insurance Company (GCIC). GCIC was founded in 2008 as a public joint stock company to provide tailor-made health and life insurance solutions to groups and corporate clients. AXA Green Crescent now aims to offer life protection and savings solutions to customers in the UAE, making AXA Gulf a one stop shop for all insurance needs.

 

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