DOCSLIB.ORG

Rights Issue Prospectus

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Rights Issue Prospectus RIGHTS ISSUE PROSPECTUS SAUDI INDIAN COMPANY FOR COOPERATIVE INSURANCE (WAFA INSURANCE) Period”), during which all holders of Rights Issue, whether registered shareholders or purchasers of Offer shares during the Trading Period (each of whom is referred to as • Offering (10,500,000) Ten Million, Five Hundred Thousand common shares at (10) Ten “Eligible Persons” and each an “Eligible Person”, may exercise their right to subscribe. Saudi Riyals per share through the issuance of Offer shares Right issue which are a No trading of Offer shares shall take place during this period. raise in the Company’s capital by (105,000,000) One Hundred Five Million Saudi Riyals, representing (105%) of the current capital. Subscription Application Forms may be submitted in both the First and Second Periods at any of the branch of the Receiving Agents (“Receiving Agents”) listed in page (ix) of this Prospectus. • The Saudi Indian Company for Cooperative Insurance (Wafa Insurance) is a Saudi Public Joint stock Company established in the Kingdom of Saudi Arabia with Royal Decree No. In event that any Shares remain unsubscribed for (“Rump Shares”) in the first and the second M/60 dated 18/09/1427AH corresponding to (11/10/2006G), Commercial Registration No. stages, they shall be offered at the offer price as minimum to a number of institutional investors (1010236705) dated (07/24/1428H) corresponding to (07/08/2007G) issued from Riyadh. (referred to herein as “investment institutions”), provided such investment institutions shall make offers to buy the Rump Shares. Such offers shall be received as of 10 am on Sunday The first offering period from Tuesday 25/06/1436H to Thursday (04/07/1436H) 14/07/1436H (corresponding to 03/05/2015G) until 10 am of the following day on 15/07/1436H (corresponding to (from): 14/04/2015G to 23/04/2015G). (corresponding to 04/05/2015G). This offering is referred to as (“Rump Offering”). The Rump Shares shall be allocated to institutional investors of the highest offer then the lesser then the The second offering period from Sunday 07/07/1436H to Tuesday 09/07/1436H lesser, provided that shares shall be allocated on pro rata basis to the investment institutions (corresponding to: (from) 26/04/2015G to 28/04/2015G). of equal offers. As for the fractional shares, they shall be added to the Rump Shares and shall be treated in the same manner. The total offer price of the Rump Shares shall be paid The Saudi Indian Company for Cooperative Insurance (“Wafa” or the “Company”) is a Rump Shares to the Company. The rest of the proceeds of selling the Rump Shares and the Saudi Public joint stock Company established in the Kingdom of Saudi Arabia by with Royal fractional shares shall be distributed to their beneficiaries pro rata their eligibility no later than Decree No. M/60 dated 18/09/1427 AH, Commercial Registration No. (1010236705) dated (Wednesday 24/07/1436H) corresponding to (13/05/2015G). (07/24/1428H) corresponding to (07/08/2007G) issued from Riyadh. The current share capital of the Company is (100,000,000) One Hundred Million Saudi Riyals divided into (10,000,0000) In the event of shares which are not bought by institutional investors, they will be allocated Ten Million common shares at a nominal value of (10) ten Saudi Riyals per share (shall be to the underwriter who will buy them at the offer price (see section “subscription terms and referred to individually as “current share” or jointly as “the current shares”, All of which are instructions”). After the completion of the subscription process the capital of the Company fully paid up. will become (205,000,000) two hundred five million Saudi Riyals divided into (20,500,000) twenty million, five hundred thousand shares. The net subscription proceeds will be used for The Board of Directors recommended at its meeting held in Riyadh on 27/06/1435H the Company›s new projects and other related purposes (see section “using the subscription (corresponding to 27/04/2014G) to increase the Company’s capital from (100,000,000) proceeds”). The final allocation process will be announced at no later than Wednesday one hundred million Saudi Riyals to (205,000,000) two hundred five million Saudi Riyals 17/07/1436H (06/05/2015G) (“the allocation date “) (see section “Subscription Terms and after obtaining the necessary regulatory approvals. On 19/06/1436H corresponding to Instructions”). (08/04/2015G), the Extraordinary General Assembly approved the recommendation of the Board of Directors to increase the Company’s capital. None of the shareholders shall hold a majority stake in the Company. No shareholders currently hold 5% or more of the Company’s shares except for: The New India Assurance Co. The subscription to the Offer shares (“Subscription”) is carried out by offering (10,500,000) Ten Ltd which owns 10.6% of the shares, Life Insurance Corporation of India which owns 10.2% Million, Five Hundred Thousand new common shares (hereinafter referred to as “new shares” of the shares of the Company and finally LIC International which owns 10.2% of the shares as or “Offer shares”) at an offer price of SAR (10) per share “Offer price” at a nominal value of SAR detailed in page (xi) of this prospectus. The full underwriting for this subscription is undertaken (10) in order to increase the Company’s capital from SAR (100,000,000) One Hundred Million by FALCOM Financial Services (review the section of “Underwriting”. to SAR (205,000,000) two hundred five million. The Company issued (10,000,000) shares which are listed in the Saudi stock market including The Offer shares are negotiable securities (hereinafter referred to individually as “Offer Share” (6,900,000) shares freely traded on the Saudi Stock Market Tadawul as at the date of this and collectively as “Offer Shares”) to the shareholders in the register of the Company’s Prospectus. All the said shares are common shares of equal value and confer equal rights shareholders as at the end of the Trading Period of the day of the Extraordinary General upon their holders. Assembly dated 19/06/1436H (corresponding to 08/04/2015G) (“Eligibility Date”) (each referred to as the “registered shareholder” and jointly as “registered shareholders”). Such All the shares of the Company are common shares of the same class and no share shall rights shall be deposited in the registered shareholders’ portfolios within two days as of the grant its owner any preferential rights and the new shares will be fully paid and equal to the Eligibility Date at (1.05) rights to each and every (1) share of the Company’s shares. Each right outstanding shares completely. Each share shall confer upon its owner the right to one vote. grants its holder the right to subscribe to one new share at the offer price. Each shareholder (shareholder) who owns at least (20) twenty shares shall be entitled to attend the meetings of the General Assembly of the shareholders (“the General Assembly”) The registered shareholders and investors at large including institutions and individuals shall and vote in it. The new shares shall be entitled to any profits announced by the Company since be able to trade in the Priority rights in the Saudi Stock Market (“Tadawul” or “the market”) the date of its issuance and for the financial years that follow it, if any (review “Risk Factors- during the period from Tuesday 25/06/1436H (corresponding to 14/04/2015G) until the end of Dividend Distribution, and Dividend Policy” Sections). trading on Thursday 04/07/1436H (corresponding to 23/04/2015G) (“Trading Period”). Currently, the outstanding shares are traded in Tadawul. The Company has submitted a The Subscription for the New Shares will be in two phases: request to the Saudi Capital Market Authority to register and agree to list the new shares on the Saudi Stock Market Tadawul and the prospectus was approved and all the requirements have A. First Offering Period: From Tuesday 25/06/1436H (corresponding to 14/04/2015G) until been met. All the necessary official approvals required to offer the new shares were obtained. the end of trading on Thursday 04/07/1436H (corresponding to 23/04/2015G) (“the First The new shares are expected to be traded in the market soon after the completion of the Offering Period “), During which only Registered Shareholders may exercise their right process of allocation of the new shares and refunds of the surplus (please review section “Key to subscribe (in whole or in part) to the New Shares up to the number of Offer shares Dates for Subscribers”). Saudi nationals and legal residents of Saudi Arabia; GCC nationals; deposited in their portfolios after the Extraordinary Assembly Meeting. The subscription Saudi companies, banks and mutual funds and Gulf companies and institutions as well as non- for the New Shares will be approved, subject to the number of Rights available in the Saudis residing outside the Kingdom and institutions registered outside the Kingdom of Saudi relevant account at the end of the Trading Period. The First Offering period coincides with Arabia under swap agreements through a person authorized by CMA shall be allowed to trade the Trading Period during which Registered Shareholders and the public may trade in the in the new shares after listing and trading them in the market. Offer shares. This prospectus and the “Important Notice” and “Risk Factors” sections herein should be read B. Second Offering Period: From Sunday 07/07/1436H (corresponding to 26/04/2015G) until in whole and carefully by all eligible investors prior to making a decision to invest in the New the end of Tuesday 09/07/1436H (corresponding to 28/04/2015G) (“the Second Offering Shares offered hereby.
Load more

Recommended publications
  • Announcement
    Announcement QBE Asia wins Digital Insurance and two Claims Initiative Awards in Hong Kong and Singapore Hong Kong and Singapore, 15 Aug 2021 - QBE Asia, part of the International Division of QBE Insurance Group Limited, has won a total of three Claims and Digital Initiative awards at the Insurance Asia Awards 2021. These awards recognise the company’s outstanding achievement in providing seamless and convenient digital claims experiences for our business partners and customers. In Hong Kong, QBE extended its Digital Claims platform’s capability for home insurance in January 2021 following the success with its first introduction of the Digital Claims platform in 2019. It is an integrated platform where customers can manage both home claims and repairs simultaneously. Claims can be submitted, processed, and paid 24/7 anywhere and on any web-based device. Customers will be connected and auto matched to QBE’s network of adjusters and panel home contractors according to their needs and the nature of the home damage. Furthermore, they can also enjoy a faster repair survey and claims settlement via a single touchpoint with exclusive benefits on repairs. This will speed up their home damage recovery progress and allow them to return to normal daily lives quickly. “At QBE Hong Kong, we put our customers at the centre of all that we do, we understand our customers’ pain points and we are committed to provide a seamless claims process and value-added experience that will help them get back on their feet quickly.” said Lei Yu, Chief Executive Officer for North Asia and Regional Head of Distribution, QBE Asia.
    [Show full text]
  • Fire & General Insurance Providers
    FIRE & GENERAL INSURANCE PROVIDERS COMPANY FINANCIAL STRENGTH RATING RATING AGENCY AIG Asia Pacific Insurance Pte Ltd A A M Best A+ Standard & Poor’s AIG Insurance NZ Ltd A Standard & Poor’s Allianz Australia Insurance Limited AA- [*] Standard & Poor’s Ando (UK) Insurance Group Limited Refer Lloyd’s Ando Insurance Group Limited A- [*] A M Best (underwritten by Hollard Insurance Company Pty Ltd) AWP Services New Zealand Limited A- [*] A M Best trading as Allianz Partners (underwritten by Hollard Insurance Company Pty Ltd) Berkshire Hathaway Speciality Insurance A ++ A M Best (incl. BHSI Facilities) AA+ Standard & Poor’s Chubb Insurance New Zealand Ltd AA- Standard & Poor’s Classic Cover (underwritten by Lumley a Refer NZI a division of IAG New business division of IAG New Zealand Ltd) Zealand Ltd Cover-more (NZ) Ltd Refer Zurich New Zealand Dealersblock Insurance (Bus) Refer NZI a division of IAG New Zealand Ltd Delta Insurance NZ Ltd Refer Lloyd’s Delta Property Insurance Limited Refer Lloyd’s Dual New Zealand Ltd Refer Lloyd’s Ed Brokering LLP Refer Lloyd’s GT Insurance Refer Allianz Australia Insurance Limited HDI Global SE, Australia A+ [*] Standard & Poor’s Insurance Wholesale Limited Refer Lloyd’s International Underwriting Agencies Ltd Refer Lloyd’s, NZI a division of IAG New Zealand Ltd:-as advised Lumley, a business division of IAG New Refer NZI a division of IAG New Zealand Ltd Zealand Ltd NZI a division of IAG New Zealand Ltd AA- Standard & Poor’s (Incl. NZI Standard) NZI and Vero Insurance Refer NZI a division of IAG New Zealand
    [Show full text]
  • Part VII Transfers Pursuant to the UK Financial Services and Markets Act 2000
    PART VII TRANSFERS EFFECTED PURSUANT TO THE UK FINANCIAL SERVICES AND MARKETS ACT 2000 www.sidley.com/partvii Sidley Austin LLP, London is able to provide legal advice in relation to insurance business transfer schemes under Part VII of the UK Financial Services and Markets Act 2000 (“FSMA”). This service extends to advising upon the applicability of FSMA to particular transfers (including transfers involving insurance business domiciled outside the UK), advising parties to transfers as well as those affected by them including reinsurers, liaising with the FSA and policyholders, and obtaining sanction of the transfer in the English High Court. For more information on Part VII transfers, please contact: Martin Membery at [email protected] or telephone + 44 (0) 20 7360 3614. If you would like details of a Part VII transfer added to this website, please email Martin Membery at the address above. Disclaimer for Part VII Transfers Web Page The information contained in the following tables contained in this webpage (the “Information”) has been collated by Sidley Austin LLP, London (together with Sidley Austin LLP, the “Firm”) using publicly-available sources. The Information is not intended to be, and does not constitute, legal advice. The posting of the Information onto the Firm's website is not intended by the Firm as an offer to provide legal advice or any other services to any person accessing the Firm's website; nor does it constitute an offer by the Firm to enter into any contractual relationship. The accessing of the Information by any person will not give rise to any lawyer-client relationship, or any contractual relationship, between that person and the Firm.
    [Show full text]
  • The General Insurance Number
    The General Insurance Number Hamilton remains self-condemning after Damian rechristens ruefully or flake any supposal. Reynolds never relearns any fetterlocks kecks hazardously, is Mischa slushier and sparkly enough? Web misdoing intricately. The engine Car Insurance Bankrate Bankratecom. National general insurance phone number. Contact MIC Insurance via the web First Name about Name Email Address Phone Number Inquiry Type Comments Submission Validation. Or pain call 20-71-31 directly to credential a direct work number really an agent to. Quickly obtain a tank for life new auto insurance policy with annual General. Pay off Phone 1-00-396-145 CDI License Number 0H45142 2021 All summit General. What lost The unique car insurance customer care line to inject the insurance claims process The paid car insurance phone number nor a 24-. Correspondence National General Insurance PO Box 3199 Winston-Salem NC 27102-3199. National General Insurance Insurance Company James E. Who really splash the cheapest car insurance? Mexico by the general insurance number of choices means the general coverage and discounts does the use their toll free free and bbb business. With a famous service agent from artificial General myself I like to comment about his. Wawanesa Insurance received the highest score in California in the JD Power 2020 US Auto Insurance study of customers' satisfaction with their auto. The General welcomes your gown Please call us at 144327970144. Atlas General Insurance Services Home. Interested in open General's auto insurance policies for high-risk drivers. Chubb Samaggi Customer service Below increase the quick accesses to useful information and forms If you plot any enquiries or the further information please.
    [Show full text]
  • Overwhelmed an Overview of Factors That Impact Upon Insurance Disclosure Comprehension, Comparability and Decision Making, September 2018
    Overwhelmed An overview of factors that impact upon insurance disclosure comprehension, comparability and decision making, September 2018 Monash University and the Financial Rights Legal Centre, with the support of funding from the Victorian Fire Services Levy Monitor have produced a report titled: (In)effective Disclosure: A study of consumers purchasing home and contents insurance1. The experimental study aimed at examining how the newly introduced requirement for providing a Key Fact Sheet (KFS) for home and contents insurance enhances consumer perceptions and decision outcomes. The study in particular examined how: (i) consumers engage with the KFS and/or Product Disclosure Statement (PDS) at the point of sale; (ii) consumers perceive the information provided by the KFS and/or PDS; and (iii) the obtaining of this information and knowledge leads to perceptible changes in consumer decision-making behaviour. The study tested engagement, comprehension and behaviour of consumers in a specifically designed, experimentally controlled environment that nevertheless reflected the insurance purchasing process, albeit a simplified version. The study limited the number of parameters to ensure that the participant respondents were, in a sense, given the best chance to select the best PDS or KFS. For example, all tested policies were equally priced. Policies were non-branded to control for the effect of brand names. PDSs were reduced in size to 20 pages each rather than the usual 80 plus pages. KFSs also closely matched the legislated requirements but the number of covered events was reduced. The decision to essentially simplify the KFS and PDS and control for as many factors as possible, was made to ensure that the findings were obtained in as optimized a purchasing and decision-making context as possible.
    [Show full text]
  • IAG Corporate Profile March 2021
    IAG corporate profile March 2021 IAG is the parent company of a general insurance group with controlled operations in Australia and New Zealand It is listed on the Australian Securities Exchange (ASX) with ordinary shares trading under the ticker “IAG.” References in the remainder of this profile to IAG and to “the Group” are to IAG and its subsidiaries on a consolidated basis. Financial data for the 12-month period ended 30 June 2020 and a more comprehensive review of IAG and its operations is contained in the 2020 annual report and the FY20 Investor Report dated 7 August 2020. The IAG FY20 Investor Report is available in the Results & Reports section of the Group’s website (www.iag.com.au). IAG’s current businesses underwrite $12 billion of gross written premium (“GWP”) per annum, selling insurance under many leading and established brands in Australia and New Zealand. IAG also has an interest in a general insurance joint venture in Malaysia. Brief history From its beginnings as a motor vehicle insurer in New South Wales (“NSW”), Australia, IAG has grown to become a general insurance group diversified by product, distribution channel and geography. The Group’s heritage dates back to 1920 when the National Roads and Motorists’ Association (“NRMA”) was established and subsequently offered motor insurance to its members. Following demutualisation in 2000, the insurance arm of NRMA was listed on the ASX as NRMA Insurance Group Limited, and renamed Insurance Australia Group Limited in 2002. The Group grew organically and through acquisitions primarily in its home market of Australia, and in New Zealand.
    [Show full text]
  • COMPETITION COMMISSION of INDIA (Combination Registration No
    Fair Competition For Greater Good COMPETITION COMMISSION OF INDIA (Combination Registration No. C-2018/11/618) 19th December, 2018 Notice under Section 6(2) of the Competition Act, 2002 given by Ageas Insurance International N.V. CORAM: Mr. Ashok Kumar Gupta Chairperson Mr. Augustine Peter Member Mr. U. C. Nahta Member Legal Representatives of the Acquirer: Mr. Samir R. Gandhi and Mr. Rahul Rai, AZB & Partners Order under Section 31(1) of the Competition Act, 2002 1. On 29.11.2018, the Competition Commission of India (Commission) received a notice under Section 6(2) of the Competition Act, 2002 (Act) given by Ageas Insurance International N.V. (Ageas / Acquirer). 2. The notice has been filed pursuant to the execution of: (i) Share Purchase Agreement (SPA) entered into between the Acquirer, Royal Sundaram General Insurance Company Limited (RSGI / Target) and Sundaram Finance Limited (SFL) & other selling shareholders of RSGI, on 14.11.2018; and (ii) Shareholders’ Agreement (SHA) entered into between the Acquirer, Target and SFL & other shareholders of RSGI, on 14.11.2018. C-2018/11/618 Page 1 of 3 Fair Competition For Greater Good 3. The Proposed Combination envisages acquisition of 40% of the equity share capital of RSGI by Ageas. The acquisition would be by way of share purchase from some of the current shareholders of RSGI. (Hereinafter, Ageas and RSGI are collectively referred to as Parties). 4. Ageas, incorporated in the Netherlands, is a subsidiary of ageas SA/NV. Ageas is an international insurance solution provider to retail and business customers. ageas SA/NV is the ultimate parent company of all Ageas group companies.
    [Show full text]
  • Ageas SA/NV 11 October 2019 Key Facts and Statistics - FYE 2018
    FINANCIAL INSTITUTIONS ISSUER PROFILE Ageas SA/NV 11 October 2019 Key facts and statistics - FYE 2018 Company overview Headquartered in Brussels, Ageas SA/NV (Ageas) is the holding company of Ageas Group. TABLE OF CONTENTS Ageas offers life insurance and nonlife insurance products, including accident and health Company overview 1 insurance, car and motor insurance, fire insurance, and damage to property insurance. It also Financial highlights 2 offers reinsurance services through Intreas N.V. (Intreas) and real estate services through its Business description 2 Distribution channels 4 wholly owned subsidiary, AG Insurance. Ownership structure 4 Ageas has an active presence in Europe and Asia, and it was among the top 20 insurance Company management 5 companies in Europe with a market capitalisation of nearly €8.0 billion, as of 31 December Company history 5 2018. As of the same date, Ageas operated in 13 countries and served around 46.6 million Peer group 6 Related websites and information customers. sources 6 1 Moody’s related publications 6 In the financial year ended 31 December 2018, Ageas reported gross inflow of €10 billion, gross premium income of €8.9 billion and net income of €996.9 million. As of 31 December 2018, the company had total assets of €101.7 billion. Contacts Ageas was formed in November 1993 as Fortis Capital Holding and it changed its legal Christian Badorff +49.69.70730.961 VP-Senior Analyst name to Ageas SA/NV on 28 April 2010. Ageas' shares are listed on Euronext Brussels [email protected] (Ticker: AGEAS). As of 31 December 2018, its largest shareholder was Ping An Life Insurance Lila Sumino +33.1.5330.3359 Company, with a 5.17% stake of Ageas' outstanding shares.
    [Show full text]
  • Background to Private Motor Insurance (Insurers, Brokers and Price Comparison Websites)
    PRIVATE MOTOR INSURANCE MARKET INVESTIGATION Background to private motor insurance (insurers, brokers and price comparison websites) Introduction 1. This working paper is in four parts: (a) The first part provides background information on the legal and regulatory framework underpinning the private motor insurance (PMI) industry. (b) The second part provides background information on the provision of insurance policies, including types of PMI and claims costs, information on each of the ten largest PMI insurers, costs of selling PMI and claims experience by channel, common measures of industry profitability, a high-level analysis of profitability, and a description of the bilateral agreements between PMI providers. The ten largest PMI insurers are: Admiral Group plc (Admiral), Ageas NV/SA (Ageas), Aviva plc (Aviva), AXA Insurance UK plc (AXA), CIS General Insurance Limited (CISGIL), Direct Line Insurance Group plc (DLG), esure Insurance Limited (esure), Liverpool Victoria Insurance Company Limited (LV), Royal & Sun Alliance Insurance plc (RSA) and Zurich Insurance plc (Zurich). We estimate that the top ten PMI insurers made up 64 per cent of the total UK PMI market in 2012. The information we set out on these insurers includes the type of each company, its distribution channels and brands used to sell PMI, its gross written premiums (GWP) and the number of policies sold in a year (as rough measures of size), and whether the insurer owns PMI-related companies such as brokers or a price comparison website (PCW). This information was gathered directly from insurers and is more up to date than the data on types of PMI and claims costs which we 1 extracted from a 2012 Datamonitor report.
    [Show full text]
  • Strengthening Health Financing Systems in the Eastern Mediterranean Region Towards Universal Health Coverage
    Strengthening health financing systems in the Eastern Mediterranean Region towards universal health coverage Health financing atlas 2018 Strengthening health financing systems in the Eastern Mediterranean Region towards universal health coverage Health financing atlas 2018 WHO Library Cataloguing in Publication Data World Health Organization. Regional Office for the Eastern Mediterranean Strengthening health financing systems in the Eastern Mediterranean Region towards universal health coverage: health financing atlas 2018 / World Health Organization. Regional Office for the Eastern Mediterranean p. ISBN: 978-92-9022-256-9 ISBN: 978-92-9022-257-6 (online) 1. Universal Health Insurance - economics 2. Healthcare Financing 3. Health Policy 4. Eastern Mediterranean Region I. Title II. Regional Office for the Eastern Mediterranean (NLM Classification: W 125) © World Health Organization 2019 Some rights reserved. This work is available under the Creative Commons Attribution-NonCommercial-ShareAlike 3.0 IGO licence (CC BY-NC-SA 3.0 IGO; https://creativecommons.org/licenses/by-nc-sa/3.0/igo). Under the terms of this licence, you may copy, redistribute and adapt the work for non-commercial purposes, provided the work is appropriately cited. In any use of this work, there should be no suggestion that WHO endorses any specific organization, products or services. The use of the WHO logo is not permitted. If you adapt the work, then you must license your work under the same or equivalent Creative Commons licence. If you create a translation of this work, you should add the following disclaimer along with the suggested citation: “This translation was not created by the World Health Organization (WHO). WHO is not responsible for the content or accuracy of this translation.
    [Show full text]
  • The UAE Healthcare Sector
    The U.S.-U.A.E. Business Council is the premier business organization dedicated to advancing bilateral commercial relations. By leveraging its extensive networks in the U.S. and in the region, the U.S.-U.A.E. Business Council provides unparalleled access to senior decision makers in business and government with the aim of deepening bilateral trade and investment. U.S.-U.A.E. Business Council 505 Ninth Street, NW Suite 6010 Washington D.C. +202.863.7285 [email protected] usuaebusiness.org *Report cover, from L to R: Johns Hopkins University President Ronald J. Daniels; Philanthropist, Johns Hopkins Alumnus, and Former New York City Mayor Michael R. Bloomberg; U.A.E. Ambassador Yousef Al Otaiba; Dean of Johns Hopkins University Medical Faculty and CEO of Johns Hopkins Medicine Paul Rothman (photo credit Nick Khazal, U.A.E. Embassy) 1 INTRODUCTION 2018 was another landmark year for the U.A.E.’s healthcare sector and its partnerships with leading U.S. institutions. In February 2018, the U.A.E. Embassy in Washington, D.C. and Johns Hopkins Medicine announced a new institute for stroke research and clinical care. The Sheikh Khalifa Stroke Institute, established through a $50 million gift from the U.A.E., will feature facilities in Baltimore and Abu Dhabi.1 The Institute will enable Johns Hopkins scientists to collaborate with their Emirati colleagues, training a workforce of biomedical researchers in the U.A.E.2 Furthermore, in April 2018, the U.A.E. Ambassador to the U.S., His Excellency Yousef Al Otaiba, signed memoranda of understanding (MoUs) with leaders from several top American hospitals on behalf of U.A.E.
    [Show full text]
  • PRESS RELEASE Regulated Information Brussels, 15 May 2019 - 7:30 (CET)
    PRESS RELEASE Regulated information Brussels, 15 May 2019 - 7:30 (CET) Ageas first quarter 2019 result Strong growth of inflows Good net result in line with last year’s result New internal Non-Life reinsurance agreements implemented First quarter 2019 . Net result of EUR 251 million versus EUR 248 million . General Account net result of EUR 7 million negative versus EUR 52 million negative Net Result . Life net result down 11% to EUR 223 million versus EUR 252 million due to timing differences on capital gains Although stable operating performance, net result in Non-Life down 27% from EUR 48 million to EUR 35 million due to one-off expenses . Group inflows (at 100%) of EUR 12.8 billion, up 8% Inflows Life inflows up 9% to EUR 11.1 billion and Non-Life up 3% at EUR 1.7 billion (both at 100%) . Group inflows (Ageas’s part) up 11% at EUR 4.9 billion . Combined ratio at 98.3% versus 98.8% Operating . Operating Margin Guaranteed at 88 bps versus 137 bps due to timing difference in the investment income Performance . Operating Margin Unit-Linked at 18 bps versus 32 bps due to costs related to a succesful commercial campaing in Belgium . Life Technical Liabilities of the consolidated entities increased to EUR 75.9 billion . Shareholders’ equity of EUR 10.2 billion or EUR 52.05 per share Balance Sheet . Group Solvency IIageas ratio at 194% not yet including the benefit from the new debt issue . General Account Total Liquid Assets at EUR 1.5 billion, out of which EUR 0.7 billion is ring-fenced for the Fortis settlement All Q1 2019 figures are compared to the Q1 2018 figures unless otherwise stated.
    [Show full text]