ADNIC reports AED128.5mn H1 profit

ABU DHABI / Emirates Business

Abu Dhabi National Insurance
Company (ADNIC), one of the leading regional multi-line insurance providers for corporates and individuals, announced its financial results for the first half of 2017. The company reported a net profit of AED128.5 million for the period, an increase of 20% in profitability over the same period last year. The total assets of the company increased by 7% to AED 6.94 billion as at June 30, 2017, compared to AED 6.49 billion as at December 31, 2016.
Shaikh Mohamed Bin Saif Al-Nahyan, Chairman of ADNIC, said: “On behalf of the Board of Directors, I’m pleased to report that ADNIC has continued its growth momentum in 2017, achieving strong net profit for the first half of 2017. This has been achieved through prudent underwriting and consistent focus on unwavering commitment to customer service. The Board of Directors as well as the management team are confident that ADNIC remains one of the market leaders in terms of its balance sheet strength and a comprehensive suite of products.”
For the six month period ended June 30, 2017, ADNIC’s gross written premium increased by 9.9% to AED 1.58 billion compared to AED 1.44 billion for the same period in 2016. The overall premium retention ratio for the company reached 44% for the six month period ended June 30th 2017 compared to 46 % for the same period in 2016.
Ahmad Idris, CEO of ADNIC said: “ADNIC has maintained its earnings trajectory in 2017, and I am pleased to advise that the company has achieved strong results in the first half of 2017. This marks our six consecutive profitable quarters. ADNIC’s continuing profitability bears testimony to its inherent resilience and its adaptive strategy. ADNIC achieved strong growth in both technical and net profits, indicating the healthy position of our portfolio and its robust profitability.”