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ABU DHABI / EMIRATES BUSINESS
Abu Dhabi National Insurance Company (ADNIC) announced on Wednesday its financial results for the first quarter, ended March 31. The Company reported a net profit of AED 39 million for this period, a growth of 670% over the same period of last year. The Company’s net investment income contributed 22.5 million towards the bottom-line profit whereas the net technical profit contributed AED 16.5 million. Commenting on these results, Shaikh Mohamed Bin Saif Al-Nahyan, Chairman of ADNIC, said: “ADNIC has started the year on a strong note with growth in net underwriting income and an overall net profit, driven by corrective measures implemented by the management of the Company over the past year.â€