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