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Abu Dhabi / WAM
Abu Dhabi National Insurance Company (Adnic) has reported its financial results for the full year ended on December 31, 2022, announcing a net profit of AED377.9 million.
The company reported gross written premiums increased by 20.1% to AED5.13 billion, compared to AED4.27 billion for the same period in 2021. Adnic’s net underwriting income was AED490.9 million, compared to AED491.9 million for the same period in 2021. Net technical profit was AED233.7 million, compared to AED 257.6 million for the same period in 2021. Adnic’s net investment and other income were AED144.2 million.
Commenting on Adnic’s performance, Sheikh Mohamed bin Saif Al Nahyan, Chairman of Adnic, said, “The company has achieved outstanding top-line growth with gross written premiums growing by 20.1% to reach AED5.13 billion, which is a significant accomplishment and new milestone for the company. This achievement was driven by outstanding growth in the commercial division by 38.2 % and maintaining the position in the consumer division.â€