Insurance House — Earnings Release 2021

May 3, 2021

Press Release

Insurance House Registers a 28% Increase in Net Profit

Abu Dhabi - May 04, 2021 - Insurance House PSC (IH) registered a 28% increase in Net Profit to reach AED 4.01 million in the first three months of 2021, compared to a Net Profit of AED 3.14 million registered in the corresponding period of the previous year, demonstrating a robust performance that affirms its position in the insurance sector.

Mohammed Abdulla Alqubaisi, Chairman of Insurance House, commented: "Insurance House's noticeable increase in Net Profits allows it to maintain its strong position in the sector and confirms that it is well positioned to take advantage of the predicted upswing in economic activity".

"We are optimistic that business in the UAE will gather further momentum throughout the remainder of the year", Algubaisi added.

Insurance House's liquidity position continues to be extremely robust, with cash, cash equivalents and fixed deposits with rated financial institutions accounting for nearly 19.28% of Total Assets as of 31 March 2021.

Insurance House's Net Premiums Earned during the first three months of the year held steady at AED 36.90 million, while its Net Underwriting Income reached AED 11.73 million, and Net Claims Incurred accounted for AED 19.91 million.

In the first 3 months of 2021, general and administrative expenses were broadly in line with our expenditure budget and lower by nearly 10% compared to the same period of the previous year. More initiatives are underway to streamline expenses

even further.

$1$ of $2$ دار التأمين ش.م.ع: ص.ب ١٢٩٩٢١، أبوظبي، ا.ع.م؛ هاتف:٤٤٤ ٤٢٤ (٢) ٩٧١+؛ فاكمِن:٤٠٠ ٤٩٣٤ (٢) ٩٧١+ Insurance House P.S.C: P.O. Box 129921, Abu Dhabi, U.A.E; Tel: +971 (2) 4934 444; Fax: +971 (2) 4934 400 شركة مساهمة عبامية بيرأس مسال وقسدره ١١٨,٧٨٠,٥٠٠ درهم إماراتي - Public Joint Stock Company and the share capital is AED 118, 780,500

Mohammed Othman, Chief Executive Officer of Insurance House, said: "Our strategy is to complete on the basis of innovative product offerings and superior

service quality. We continue to remain focused on improving our digital service delivery capabilities across all business lines. Going forward, profits from core insurance activities will be driven by improved digital service delivery capabilities, continuous fine-tuning of risk underwriting techniques and enhanced claims management processes."

Ends

About Insurance House PSC:

Insurance House is a Public Joint stock Abu Dhabi-based Insurance Company with total paid up capital of AED 118,780,500. The company offers high quality yet affordable insurance products and services, meeting international standards in compliance with local requirements ranging from conventional to specialized insurance classes. Our fundamental aim is to develop quality tailor made products catering to customers' insurance needs. Insurance House is listed on the Abu Dhabi Securities Exchange (ADX) under the ticker symbol "IH".

Insurance House is rated "BBB-" for Long-Term Issuer Credit Rating and "B+" (Good) Financial Strength Rating, both with a stable outlook by AM Best.

For further information, kindly contact:

Wissam Farran - Group Head

Corporate Communications Department Insurance House PSC Tel: +971 2 6194893 Mobile: +971 50 5435865 Fax: +971 2 6315806 Wissam.f@insurancehouse.ae

$J^2$ $2$ of $3$

دار التأمين ش.م.ع: ص.ب ١٢٩٩٢١، أبوظبي، ا.ع.م؛ هاتف:٤٤٤ ٤٣٤٤ (٢) ٩٧١١: فاكس:٠٠ ٤٩٣٤ (٢) ٩٧١١. Insurance House P.S.C: P.O. Box 129921, Abu Dhabi, U.A.E; Tel: +971 (2) 4934 444; Fax: +971 (2) 4934 400 اهمة عباسة بيرأس مسال وقد دره ١١٨.٧٨٠,٥٠٠ درهم إماراتي - 118, Public Joint Stock Company and the share capital is AED 118, 780,500