UAE: ADNIC reports US$90 mln loss in 9M
Source: Middle East Insurance Review | Dec 2015
Abu Dhabi National Insurance Company (ADNIC) saw its gross premiums fall by 12.1% y-o-y to AED1,763.7 million (US$480.2 million). The insurer also reported a net loss of AED331.1 million for the January-September period, compared to a net profit of AED93.9 million in the same period last year.
In the third quarter alone, the net loss widened to AED32.4 million from last year’s AED10.5 million, while gross premiums decreased by 21.3% to AED362 million.
For the first nine months, ADNIC posted a net underwriting loss of AED257.7 million against a net underwriting profit of AED166.1 million. Net investment income fell slightly by 6.5% y-o-y to AED79.7 million.
Mr Ahmad Idris, CEO of ADNIC said: “The gross premium written for this period is in line with ADNIC’s selective underwriting policy. ADNIC is one of the most reliable business partners in the insurance industry within the region with a strong liquidity position and solid fundamentals. The company’s performance in the commercial business lines continued to strengthen following the corrective measures implemented and the consumer business lines have shown a positive trend.”
AED1 = US$0.27