Magazine

Read the latest edition of AIR and MEIR as an Interactive e-book

Mar 2024

UAE: ADNIC's 1Q net profit surged 28.6% to $26m

Source: Middle East Insurance Review | Jun 2018

Abu Dhabi National Insurance Company (ADNIC) has posted a net profit of AED95.2m ($25.9m) for 1Q18, up 28.6% over the same period last year. 
 
   For the three-month period ended 31 March, the insurer’s GWP amounted to AED1.2bn compared to AED1.1bn for the corresponding period in 2017. The overall premium retention ratio reached 52% in the first quarter compared to 42% for the same period in 2017.  
 
   ADNIC saw its net underwriting profit grow by 18.3% to AED115.5m in 1Q18, against a net underwriting profit of AED97.6m for the same period last year.
 
   Net investment and other income increased by 20% to AED35.0m for the three-month period ended 31 March compared to AED29.2m for the same period in 2017.
 
   Commenting on the strong results, Mr Ahmad Idris, CEO of ADNIC said, “Our strategy has been consistent, putting our customers first. We remain prudent and disciplined in our approach and will continue to seek opportunities that provide value for our stakeholders.” M 
 
AED1 = $0.27
 
| Print
CAPTCHA image
Enter the code shown above in the box below.

Note that your comment may be edited or removed in the future, and that your comment may appear alongside the original article on websites other than this one.

 

Recent Comments

There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.