Reported Earnings • May 16
First quarter 2026 earnings released: EPS: د.إ0.11 (vs د.إ0.22 in 1Q 2025) First quarter 2026 results: EPS: د.إ0.11 (down from د.إ0.22 in 1Q 2025). Revenue: د.إ144.9m (flat on 1Q 2025). Net income: د.إ18.4m (down 48% from 1Q 2025). Profit margin: 13% (down from 24% in 1Q 2025). Announcement • May 09
National General Insurance Co. (P.J.S.C.) to Report Q1, 2026 Results on May 14, 2026 National General Insurance Co. (P.J.S.C.) announced that they will report Q1, 2026 results on May 14, 2026 Upcoming Dividend • Apr 16
Upcoming dividend of د.إ0.45 per share Eligible shareholders must have bought the stock before 23 April 2026. Payment date: 11 May 2026. Payout ratio is a comfortable 62% and this is well supported by cash flows. Trailing yield: 7.5%. Within top quartile of Emirian dividend payers (6.6%). Higher than average of industry peers (6.0%). Declared Dividend • Mar 19
Dividend of د.إ0.45 announced Dividend of د.إ0.45 is the same as last year. Ex-date: 23rd April 2026 Payment date: 11th May 2026 Dividend yield will be 7.5%, which is higher than the industry average of 5.9%. Sustainability & Growth Dividend is covered by both earnings (62% earnings payout ratio) and cash flows (46% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 21% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Mar 18
National General Insurance Co. (P.J.S.C.), Annual General Meeting, Apr 14, 2026 National General Insurance Co. (P.J.S.C.), Annual General Meeting, Apr 14, 2026, at 15:00 Arabian Standard Time. Reported Earnings • Mar 09
Full year 2025 earnings released: EPS: د.إ0.72 (vs د.إ0.77 in FY 2024) Full year 2025 results: EPS: د.إ0.72 (down from د.إ0.77 in FY 2024). Revenue: د.إ665.8m (up 9.2% from FY 2024). Net income: د.إ119.2m (down 6.5% from FY 2024). Profit margin: 18% (down from 21% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 31% per year whereas the company’s share price has increased by 27% per year. Announcement • Nov 08
National General Insurance Co. (P.J.S.C.) to Report Q3, 2025 Results on Nov 11, 2025 National General Insurance Co. (P.J.S.C.) announced that they will report Q3, 2025 results on Nov 11, 2025 Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: د.إ0.30 (vs د.إ0.31 in 2Q 2024) Second quarter 2025 results: EPS: د.إ0.30 (down from د.إ0.31 in 2Q 2024). Revenue: د.إ176.7m (down 2.9% from 2Q 2024). Net income: د.إ49.7m (down 1.7% from 2Q 2024). Profit margin: 28% (in line with 2Q 2024). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to د.إ5.76, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 11x in the Insurance industry in United Arab Emirates. Total returns to shareholders of 75% over the past three years. New Risk • May 15
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (15% average weekly change). High level of non-cash earnings (21% accrual ratio). Minor Risk Dividend is not well covered by cash flows (dividend per share is over 7x cash flows per share). Reported Earnings • May 15
First quarter 2025 earnings released: EPS: د.إ0.22 (vs د.إ0.18 in 1Q 2024) First quarter 2025 results: EPS: د.إ0.22 (up from د.إ0.18 in 1Q 2024). Revenue: د.إ145.8m (up 8.3% from 1Q 2024). Net income: د.إ35.6m (up 17% from 1Q 2024). Profit margin: 24% (up from 23% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to د.إ7.38, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 12x in the Insurance industry in United Arab Emirates. Total returns to shareholders of 147% over the past three years. Upcoming Dividend • Apr 17
Upcoming dividend of د.إ0.45 per share Eligible shareholders must have bought the stock before 23 April 2025. Payment date: 09 May 2025. Payout ratio is a comfortable 58% but the company is paying out more than the cash it is generating. Trailing yield: 6.4%. Lower than top quartile of Emirian dividend payers (6.8%). In line with average of industry peers (6.4%). Board Change • Apr 03
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 3 highly experienced directors. Independent Non-Executive Director Khalid Ahmed Humaid Al Tayer was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • Mar 25
Dividend of د.إ0.45 announced Shareholders will receive a dividend of د.إ0.45. Ex-date: 23rd April 2025 Payment date: 1st January 1970 Dividend yield will be 7.8%, which is higher than the industry average of 5.9%. Sustainability & Growth Dividend is covered by earnings (58% earnings payout ratio) but not covered by cash flows (277% cash payout ratio). The dividend has increased by an average of 7.1% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 49% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Mar 24
National General Insurance Co. (P.J.S.C.), Annual General Meeting, Apr 14, 2025 National General Insurance Co. (P.J.S.C.), Annual General Meeting, Apr 14, 2025, at 16:00 Arabian Standard Time. Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to د.إ5.74, the stock trades at a trailing P/E ratio of 7.4x. Average trailing P/E is 10x in the Insurance industry in United Arab Emirates. Total returns to shareholders of 110% over the past three years. Reported Earnings • Mar 06
Full year 2024 earnings released: EPS: د.إ0.77 (vs د.إ0.45 in FY 2023) Full year 2024 results: EPS: د.إ0.77 (up from د.إ0.45 in FY 2023). Revenue: د.إ609.9m (up 40% from FY 2023). Net income: د.إ127.5m (up 70% from FY 2023). Profit margin: 21% (up from 17% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Feb 27
National General Insurance Co. (P.J.S.C.) to Report Q4, 2024 Results on Mar 04, 2025 National General Insurance Co. (P.J.S.C.) announced that they will report Q4, 2024 results on Mar 04, 2025 Board Change • Feb 25
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. Independent Director Ali Fardan Al Fardan was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Dec 09
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. Independent Director Ali Fardan Al Fardan was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 14
Third quarter 2024 earnings released: EPS: د.إ0.17 (vs د.إ0.24 in 3Q 2023) Third quarter 2024 results: EPS: د.إ0.17 (down from د.إ0.24 in 3Q 2023). Revenue: د.إ150.2m (up 21% from 3Q 2023). Net income: د.إ27.8m (down 29% from 3Q 2023). Profit margin: 19% (down from 32% in 3Q 2023). The decrease in margin was driven by higher expenses. Board Change • Nov 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. Independent Director Ali Fardan Al Fardan was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Aug 15
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. High level of non-cash earnings (24% accrual ratio). Minor Risk Dividend is not well covered by cash flows (374% cash payout ratio). Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: د.إ0.31 (vs د.إ0.11 in 2Q 2023) Second quarter 2024 results: EPS: د.إ0.31 (up from د.إ0.11 in 2Q 2023). Revenue: د.إ181.7m (up 76% from 2Q 2023). Net income: د.إ50.5m (up 173% from 2Q 2023). Profit margin: 28% (up from 18% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 11
National General Insurance Co. (P.J.S.C.) to Report Q2, 2024 Results on Aug 13, 2024 National General Insurance Co. (P.J.S.C.) announced that they will report Q2, 2024 results on Aug 13, 2024 Reported Earnings • May 16
First quarter 2024 earnings released: EPS: د.إ0.20 (vs د.إ0.026 in 1Q 2023) First quarter 2024 results: EPS: د.إ0.20 (up from د.إ0.026 in 1Q 2023). Revenue: د.إ140.2m (up 34% from 1Q 2023). Net income: د.إ30.3m (up د.إ26.0m from 1Q 2023). Profit margin: 22% (up from 4.2% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Announcement • Mar 15
National General Insurance Co. (P.J.S.C.), Annual General Meeting, Apr 04, 2024 National General Insurance Co. (P.J.S.C.), Annual General Meeting, Apr 04, 2024, at 08:00 Coordinated Universal Time. Location: Auditorium Room Head office of Commercial Bank of Dubai Deira Dubai- Near to Deira City Centre Dubaï United Arab Emirates Agenda: To Listen to and approve the Board of Directors' Report on the Company's activity and its financial position for the fiscal year ended on 31/12/2023; to listen to and approve the Auditor's Report for the fiscal year ended on 31/12/2023; to discuss and approve the Company's balance sheet and profit and loss account for the fiscal year ended on 31/12/2023; to approve of a proposal concerning the remuneration of the members of the Board of Directors and determine the amount thereof; to appoint the auditors of the company for the year 2024 and determine their fees; and to consider other matters. Reported Earnings • Mar 09
Full year 2023 earnings released: EPS: د.إ0.50 (vs د.إ0.36 in FY 2022) Full year 2023 results: EPS: د.إ0.50 (up from د.إ0.36 in FY 2022). Revenue: د.إ436.3m (up 21% from FY 2022). Net income: د.إ74.9m (up 40% from FY 2022). Profit margin: 17% (up from 15% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 32% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to د.إ3.74, the stock trades at a trailing P/E ratio of 8.9x. Average trailing P/E is 9x in the Insurance industry in United Arab Emirates. Reported Earnings • Nov 17
Third quarter 2023 earnings released: EPS: د.إ0.26 (vs د.إ0.074 in 3Q 2022) Third quarter 2023 results: EPS: د.إ0.26 (up from د.إ0.074 in 3Q 2022). Revenue: د.إ175.7m (up 106% from 3Q 2022). Net income: د.إ39.3m (up 253% from 3Q 2022). Profit margin: 22% (up from 13% in 3Q 2022). The increase in margin was driven by higher revenue. Reported Earnings • Aug 18
Second quarter 2022 earnings released: EPS: د.إ0.017 (vs د.إ0.075 in 2Q 2021) Second quarter 2022 results: EPS: د.إ0.017 (down from د.إ0.075 in 2Q 2021). Revenue: د.إ67.9m (down 27% from 2Q 2021). Net income: د.إ2.49m (down 78% from 2Q 2021). Profit margin: 3.7% (down from 12% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 11
First quarter 2022 earnings released: EPS: د.إ0.19 (vs د.إ0.15 in 1Q 2021) First quarter 2022 results: EPS: د.إ0.19 (up from د.إ0.15 in 1Q 2021). Revenue: د.إ111.0m (up 16% from 1Q 2021). Net income: د.إ28.6m (up 25% from 1Q 2021). Profit margin: 26% (up from 24% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 21
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: د.إ0.47 (up from د.إ0.31 in FY 2020). Revenue: د.إ381.6m (up 13% from FY 2020). Net income: د.إ70.8m (up 54% from FY 2020). Profit margin: 19% (up from 14% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Board Change • Feb 14
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). Director Salah Amin Abdulla was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Dec 08
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). Director Salah Amin Abdulla was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Nov 22
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). Director Salah Amin Abdulla was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Oct 06
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). Director Salah Amin Abdulla was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Oct 06
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). Director Salah Amin Abdulla was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Sep 13
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). Director Salah Amin Abdulla was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Aug 10
Second quarter 2021 earnings released: EPS د.إ0.08 (vs د.إ0.12 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: د.إ90.6m (up 5.9% from 2Q 2020). Net income: د.إ11.3m (down 38% from 2Q 2020). Profit margin: 12% (down from 21% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth.