UAE: ADNIC's net profit for 9M18 nears $60m
Source: Middle East Insurance Review | Dec 2018
Abu Dhabi National Insurance Company (ADNIC) said its net profit for the first nine months of the year reached AED218.8m ($59.6m), up 22.6% compared with the same period of last year, on the back of higher underwriting income.
The insurer’s net underwriting profit surged by 27.5% to AED304.7m for the nine-month period ended 30 September against net underwriting profit of AED239m for the same period in 2017. Its net investment and other income also increased by 2.8% to AED90.7m for the January-September period.
In the first nine months, ADNIC’s GWP grew by 12.2% to AED2.2bn. Overall premium retention ratio reached 51.0% for the nine-month period ended 30 September compared to 46.5% for the same period in 2017.
Total investments, including cash in time deposits, bank accounts and investment properties, increased by 14.4% to AED3.9bn as at 30 September 2018, compared to AED3.4bn at 31 December 2017. Total assets increased by 9.3% to AED7.3bn at 30 September 2018, compared to AED6.7bn at 31 December 2017.
Mr Ahmad Idris, CEO of ADNIC said, “This performance is a testament to our sound underwriting discipline and financial strength.
“We continue to be focused on driving further innovation across all areas of the business to grow our product and service range significantly.
“As we approach the end of 2018, I am confident that we will continue to build solid foundations to support our long-term sustainable growth and achieve further milestones. ADNIC’s customers are at the heart of our values, and with innovation being the foundation of our growth, we are able to create solutions that deliver value for them.” M
AED1 = $0.27