Adnic 9-month profit up 24pc to $47.5m

01/11/2017 16:43 AST

Abu Dhabi National Insurance Company (Adnic), a top multi-line insurance provider, has posted a net profit of Dh178.5 million ($47.5 million) for the first nine months of the year, an increase of 24 per cent over the same period last year.

For the nine month period ended September 30, Adnic’s Gross Written Premium increased by 12.5 per cent to Dh1.98 billion compared to Dh1.76 billion for the same period in 2016.

The overall premium retention ratio reached 46 per cent for the nine month period ended September 30th2017 compared to 46 per cent for the same period in 2016.

For the nine month period ended September 30, Adnic net underwriting profit is Dh239.0 million, against a net underwriting profit of Dh252.3 million for the same period in 2016.

General and Administrative Expenses for nine month period ended September 30 stood at Dh148.7 million compared to Dh180.4 million for the same period in 2016.

Adnic’s net investment and other income increased by 23 per cent to Dh88.2 million for the nine month period ended September 30 compared to Dh71.6 million for the same period in 2016.

Shaikh Mohamed Bin Saif Al-Nahyan, chairman of Adnic, said: “On behalf of the Board of Directors, I am delighted that Adnic has reported strong growth throughout the first nine months of 2017.”

“Prudent underwriting and constant commitment to customer service have resulted in maintaining a healthy portfolio. A positive third quarter of 2017 is testimony to Adnic’s successful realignment of its operating strategy, with a robust increase in both gross written premium and net profit. The Board of Directors, as well as the management team, are confidently looking ahead to a continuous path of excellent business results and sustainable profitability,” he added.

Ahmad Idris, CEO of Adnic said: “Our resilient business model and operating strategy have led to strong growth in both technical and net profits. We remain one of the market leaders in terms of financial strength, which will support Adnic’s strategy to continue investing indigitalization and customer service enhancement.”

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