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UAE: ADNIC back in the black with $56-mln net profit in 2016

Source: Middle East Insurance Review | Mar 2017

Abu Dhabi National Insurance Company (ADNIC) has made a significant turnaround, returning to the black with a net profit of AED205 million (US$55.8 million) in 2016.
 
   In contrast, the insurer reported net losses of around AED335 million for 2015 and AED280 million for 2014.
 
   ADNIC’s GWP grew 4.3% y-o-y to AED2.4 billion in 2016. The overall premium retention ratio for the company reached 44% for 2016 compared to 48% for 2015.
 
   For 2016, ADNIC reported a net underwriting profit of AED342.6 million, against a net underwriting loss of AED228.9 million a year ago. 
 
   Net investment and other income increased marginally by 0.4% y-o-y to AED102.4 million for 2016. General and administrative expenses amounted to AED239.9 million for 2016 compared to AED207.6 million for 2015.
 
   Its total assets amounted to almost AED6.5 billion at 31 December 2016, compared to AED5.6 billion at 31 December 2015. Shareholders’ equity position stood at close to AED1.8 billion at the end of last year, compared to around AED1.2 billion in the same period of 2015. 
 
   The issuance of Mandatory Convertible Bonds (MCB) as well as the net profit for 2016 contributed to the growth in shareholders’ equity.
 
   Commenting on the strong 2016 results, Shaikh Mohamed Bin Saif Al-Nahyan, Chairman of ADNIC, said: “The realignment of ADNIC’s operational strategy has delivered positive results and has enabled the company to report a strong financial performance.”
 
AED1 = US$0.27
 
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