Adnic’s nine-month net profit surges 18% to AED333.7mn

Abu Dhabi / WAM

Abu Dhabi National Insurance Company (Adnic) on Tuesday reported its financial results for the nine-month period ended September 30. The company’s net profit increased by 18 percent to AED333.7 million, compared to a net profit of AED282.8 million for the same period in 2020.
Adnic’s gross written premium increased by 2.4 percent to AED3.24 billion compared to AED3.17 billion for the same period in 2020.
The company’s overall premium retention ratio reached 33.5 percent for the nine months in comparison with 32.7 percent for the same period last year. Adnic’s underwriting income stood at AED388.8 million, against AED394.7 million for the same period in 2020.
Net technical profit for the nine months increased by 3.9 percent to AED209.8 million, against AED201.8 million for the same period in 2020.
During the nine months, Adnic’s net investment income increased by 48 percent to AED125.8 million compared to AED85 million for the same period in 2020
General and administrative expenses for the third quarter ended September 30 stood at AED181.0 million, compared to AED196.9 million for the same period in 2020
Commenting on Adnic’s performance, Sheikh Mohamed bin Saif Al Nahyan, Chairman of Adnic, said, “Our net profit for the nine months grew 18 percent year-on-year, capitalising on the noticeable rebound in market conditions and economies as well as the strength of the company and its clear strategy. Our growing investment portfolio and our ability to retain and acquire new customers have been major contributing factors
to this robust growth. As economies recover even further moving into the last quarter of the year, our future outlook remains positive, and we forecast growth both at the top and bottom line.”
Ahmad Idris, CEO of Adnic, said that Adnic delivered a strong performance in the first nine months of 2021, demonstrating increased operational efficiency which resulted in increased competitiveness, contributing to a solid net profit and gains in key metrics such as gross written premium and investment income.
“Moving forward to the remainder of the year, we will continue to pursue new opportunities to deliver exceptional services to our customers, as well as contribute to numerous initiatives that have a positive impact on communities across the country to maintain our promise of being the UAE’s
reliable insurer.”
Adnic has contributed AED3 million to the Social Investment Fund, administrated by Ma’an to support the Abu Dhabi community in its most pressing social challenges. The company has supported more than five initiatives since the start of the year, alongside its ongoing partnerships with organisations across the UAE including the Mohammed bin Rashid Al
Maktoum Foundation.