Chief Financial Officer/ General Manager
Al Wathba National Insurance Co. PJSC
Total years of experience :22 years, 8 Months
From August 2023, leading the entire operations for Al Wathba National Insurance Co PJSC including all business functions such as Underwriting, Claims, Marketing, Business Development in addition to Business enabling functions viz Finance, IT and Human Resources
Till August 2023, Reporting to the Chief Executive Officer, managing a team of 30 and heading the Finance and Accounts, Information Technology, Human Resources and Admin functions. Ensuring compliance with International Financial Reporting Standards (IFRS) and adherence to deadlines for statutory filings to ADX, CBUAE, SCA, HAAD and other regulatory bodies. Overseeing the tax function on the VAT compliance and timely return submissions to the Federal Tax Authority (FTA) Audit management with external auditors (Big4), regulatory authorities and management of relationships with rating agencies (Standard & Poor’s) and external actuaries. Working closely with the Vice Chairman and Managing Director, Investment Committee and Chief Investment officer to coordinate and manage the communication of earnings announcements, evaluating investing opportunities, conducting investor roadshows for fund raising etc. and a regular attendee at the Audit committee meetings.
Selected Accomplishments:
• Contributed to the top line and profitability growth of AWNIC, through effective business partnering with the executive team. AWNIC had one of the highest operating margins for FY 2018 to 2021 and investment profits in the insurance industry in UAE for FY 2021
• Overhauled the annual strategic planning exercise to include rolling forecasts, cash flow statements and action plans for achievement of budgets.
• Ensuring the completion of group consolidation on time managing the audit cycles
• Conducting analysis of variances from budget and providing recommendations for improvement
• Reduced the interest liability of the organization by around 100 basis points through proper negotiations, setting up appropriate financing structure, net annual savings of AED 1.3 million
• Optimized the yield on employee deferred benefit plan from 1.28% p. a to 5.8% p.a. This resulted in an additional revenue of AED 0.9 million over 3 years for the plan and the participating employees.
• Set up legal entities (SPV/SPC) in ADGM/Caymann Islands for debt financing.
• Navigated the organization through a tumultuous period of adverse rating action by Standard & Poor’s, devising action plans to sustain the investment grade credit rating.
• Secured regulatory and shareholder approvals for debt financing by bond issue, becoming only the second insurer in UAE in getting the approvals.
• Driving the sustainability efforts of AWNIC, the company became the first listed insurer in the Middle East in FY 2020 to publish an ESG report outlining its environmental, social and governance initiatives.
• Aided the Investment Committee at assessing potential opportunities, terms, and duration and in the review of LMA loan documentation and bond documentation.
• Liaised with solicitors for review, amendment, and finalization of Loan documentation.
• Established a proper IT governance infrastructure for AWNIC with process re-engineering department and project management office for accelerating digitization and Information Security Governance Committee for reviewing the effectiveness of cyber security.
• Promoted diversity and inclusion at AWNIC including accelerating UAE nationalization initiatives, internship programs for young graduates and conceptualizing online training programs for employees.
• Led the quality initiatives at AWNIC achieving recognition as the first listed insurer in UAE to be awarded triple ISO certifications, ISO 9001:2015 (QMS), ISO 14001:2015 (EMS) and ISO 27001:2013 (ISMS).
• Ensured compliance with Corporate Governance Regulations related to capital market disclosures and financial regulations of Central Bank of UAE.
Head of Global MIS, Budgeting & Corporate Planning function covering 31 country operations. Managed a team of 14 professionals and reported to the Group CFO.
Selected accomplishments:
• Delivered a comprehensive feasibility study on branch expansion and other investments in pipeline during the event of global recession in 2008-09 that led the organization to take prudent business decisions like shifting of nonviable branches and capital rationing (Annual Cost Savings of US$ 3.2 million).
• Improved the staff productivity levels from 78% to 92% by suggesting and implementing productivity and footfall measurement for retail stores aiding the organization to augment revenue and save cost
• Annual Savings of US$0.4 million per annum by successfully offshoring MIS & Budgeting processes with defined TAT’s and SLA’s
• Spearheaded the fastest BI implementation in Middle East recognized by Qlik Middle East.
• Led the system implementation for SAP Budgeting, Planning and Consolidation Module (SAP BPC) automating the management reporting, forecasting and budgeting process of the Group.
• Contributed a savings of US$10 million by implementing a new retail strategy. Lead for Retail Work stream on the Integration project with Travelex PLC looking into the combined retail store strategy, loss making stores and optimization of retail store network.
ACMA, CGMA
courses: Nov’2005 Chartered Accountant
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