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Jul 2019

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UAE: ADNIC achieved 43% growth in GWP in 1Q2019

Source: Middle East Insurance Review | Jun 2019

Abu Dhabi National Insurance Company (ADNIC) has recorded a significant growth in GWP for the first quarter ended 31 March 2019 despite challenging market conditions. Its GWP increased by 42.8% to AED1.7bn ($473.8m), compared to AED1.22bn for the same period in 2018.
 
It achieved a net profit of AED52.6m, compared to AED95.2m for the same period in 2018. Its net underwriting profit stood at AED84.3m against AED115.5m for the corresponding period in 2018.  
 
Commenting on its performance, chairman of ADNIC Sheikh Mohamed Bin Saif Al Nahyan said, “ADNIC has delivered significant GWP growth in the first quarter of 2019, leaving the company well-positioned for further success in the year ahead. The net profit has been impacted by the performance of the consumer lines. As we move into the second quarter, ADNIC will continue leveraging its scale, expertise and competitive advantage to focus on increasing profitability, consolidating its position as one of the leading regional multi-line insurance providers for corporates and individuals, and creating sustainable value for stakeholders while increasing customer satisfaction and retention.”
 
ADNIC CEO Ahmad Idris said, “ADNIC’s performance is testament to the strength of our customer service proposition, technical excellence, product and service innovation and commitment to the community. Moving forward, we are focused on achieving our strategic targets over the coming year, including investing in new products and service innovations to create additional value for customers and shareholders.” M 
 
AED1 = $0.27
 
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