UAE: ADNIC's 1H net profit grew 17% to $41m
Source: Middle East Insurance Review | Sep 2018
Abu Dhabi National Insurance Company (ADNIC) has posted a net profit of AED150.5m ($41m) for the first half of 2018, up 17.1% compared to the same period last year.
For the six-month period ended 30 June, the insurer’s GWP rose by 14.7% to AED1.81bn, compared to AED1.58bn for the same period in 2017.
Its overall premium retention ratio reached 53.2% for 1H18, compared to 43.7% for the same period last year. Net underwriting profit increased by 20.1% to AED193.1m, against AED160.8m for the same period in 2017.
In addition, net investment and other income grew by 12.1% to AED69.7m for the six-month period, compared to AED62.2m for the same period a year ago.
ADNIC CEO Ahmad Idris said, “I’m pleased to report that Adnic delivered strong growth in both net profit and GWP for the first half of 2018. This performance is a testament to our sound underwriting strategy, financial strength and market-leading position. Moving to the remainder of the year, we are looking forward to continuing to leverage our innovative capabilities to meet the ever growing needs of our clients and to achieve sound return to our shareholders.” M
AED1 = $0.27