Abu Dhabi-based Insurance House said it had secured the approval of the Securities and Commodities Authority (SCA) to launch a 10 per cent share buyback program.

The publicly-listed company on the Abu Dhabi Securities Market said it had secured SCA’s approval for a share buyback program of up to 10 per cent or (or 12 million shares) of its paid up capital that was valid for one year.

CEO Ahmad Idris said: “We believe that continuing the share buyback program is in the best interest of our shareholders and reflects our continued confidence in IH’s strategy to generate long-term profitable growth.”

The company had posted a net profit of Dh9.56 million for the year ended December 31, 2013 compared to Dh7.54 million in 2012. The gross premiums written (GPW) during this reporting period totaled Dh99.13 million.

The total assets doubled to Dh254.61 million compared to Dh125.8 million as of April 11, 2011, the day on which it commenced operations.-TradeArabia News Service