News Middle East04 Aug 2019

UAE:ADNIC reports 19% growth in net profit for 2Q2019

| 04 Aug 2019

Abu Dhabi National Insurance Company (ADNIC), one of the leading regional multi-line insurers, reported a net profit of AED66m ($18m) for the second quarter of 2019, an increase of 19.1% on the same period in 2018.

For the first half of this year, net profit stood at AED118.6m, compared to AED150.5m for the corresponding period in 2018.

Commenting on ADNIC’s performance, Sheikh Mohamed Bin Saif Al-Nahyan, chairman of ADNIC, said: “ADNIC has delivered 29.5% growth in gross written premium during the first half of 2019 and 19.1% growth in net profit during the period April to June 2019. As we move into the second half of 2019, the company will remain firmly focused on maintaining robust foundations to drive long-term sustainable growth and maximise value for shareholders, while increasing customer satisfaction and retention.”

Mr Ahmad Idris, CEO of ADNIC, said: “The company’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 will continue to focus on achieving our strategic targets, including investing in new products and service innovations to create additional value for customers and shareholders.”

Key financial highlights for ADNIC for the six-month period ended 30 June 2019 include:

  • Gross written premiums increased by 29.5% to AED2.35bn, compared to AED1.81bn for 1H2018.
  • The overall premium retention ratio reached 32.6%, compared to  53.2% for 1H2018.
  • Net underwriting profit was AED165.4m, against AED193.1m for 1H2018.
  • General and administrative expense stood at AED125.9m, compared to AED112.3m for 1H2018.
  • Net technical profit was AED40.7m, against AED81.5m for 1H2018.
  • Net Investment gains and other income increased by 13.5% to AED79.1m, compared to AED69.7m for 1H2018.
  • Total assets increased by 11.3% to AED8.07bn at 30 June 2019, compared to AED7.25bn at 31 December 2018.
  • Shareholders’ equity stood at AED2.14bn at 30 June 2019, compared to AED2.10bn at 31 December 2018.

Founded in the UAE in 1972, ADNIC is a composite insurer providing insurance products to individuals and corporates across the MENA region. ADNIC has a wide network of branches as well as sales and service centres across the UAE. The company also has a representative office in London, ADNIC is a publicly listed company on Abu Dhabi Securities Exchange.

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