ADNIC’s Q1 profit up 28.6%

Abu Dhabi / Emirates Business

Abu Dhabi National Insurance Company (ADNIC), one of the leading regional multi-line insurance providers for corporates and individuals, announced on Tuesday its financial results for the first quarter of 2018. The Company reported strong first quarter with net profit increased by 28.6% to AED 95.2 million.
Commenting on the strong results, His Excellency Sheikh Mohamed bin Saif Al Nahyan, Chairman of ADNIC, said: “I am delighted that ADNIC’s performance continues to produce positive results. This represents a strong start to 2018. With customer service being the foundation of our growth, we are able to create solutions that deliver value for our customers and strengthen our sustainable business model.”
As per the statement, ADNIC’s gross written premium increased by 13% to AED1.22 billion for the three-month period ended March 31, 2018 as compared to AED1.08 billion for the same period in 2017.
The overall premium retention ratio of the company reached 52% for the three-month period ended March 31 as compared to 42 % for the same period in 2017. ADNIC’s net underwriting profit increased by 18.3% to AED 115.5 million for the three-month period ended March 31, against a net underwriting profit of AED 97.6 million for the same period in 2017.
General and administrative expenses of the company during the first three months of this year stood at AED 55.3 million compared to AED 52.8 million for the same period in 2017. ADNIC’s net technical profit for the first three-month period of this year increased by 32.8% to AED 61.5 million, against a net technical profit of AED 46.3 million for the same period in 2017.
While, ADNIC’s cash balances stood at AED 563.9 million as at March 31 as compared to AED 705.4 million as at December 31, 2017, total investments including cash in time deposits, bank accounts and investment properties stood at AED3.29 billion as at March 31, compared to AED3.39 billion as at December 31, 2017.
The total assets of ADNIC increased by 14.4% to AED 7.66 billion as at March 31, compared to AED 6.70 billion as at December 31, 2017, while net investment and other income increased by 20% to AED 35.0 million for the three-month period ended March 31 as compared to AED 29.2 million for the same period in 2017.
The company records an increase in net profit by 28.6% to AED 95.2 million during the first three months of this year as compared to a net profit of AED 74.0 million for the same period in 2017.
The shareholders’ equity position increased by 0.7% to AED 1.99 billion as at March 31, compared to AED 1.98 billion as at December 31, 2017.
Basic and diluted earnings per share of the company increased by 30.8% to AED 0.17 as a result of achieving a net profit of AED 95.2 million for the three-month period ended March 31 compared to basic and diluted earnings per share of AED 0.13 resulting from a net profit of AED 74.0 million for the same period last year.
Ahmad Idris, CEO of ADNIC said: “Our strategy has been consistent, putting our customers first. We remain prudent and disciplined in our approach and will continue to seek opportunities that provide value for our stakeholders.”