News Middle East08 Nov 2020

UAE:ADNIC reports 46% surge in net profit to $77m for 9M2020

| 08 Nov 2020

Abu Dhabi National Insurance Company (ADNIC) has reported net profits of AED282.8m ($77m) for the nine-month period ended 30 September 2020, a surge of net 45.5% compared to the corresponding period in 2019.

ADNIC’s gross written premium increased by 6.2% to AED3.17bn from January to September compared to AED2.98bn for the corresponding period in 2019. The growth in revenue was primarily driven by commercial lines which recorded a 12.8% increase compared to the previous year as a result of the successful conversion of new business opportunities

The overall premium retention ratio reached 32.7% for the nine-month period ended 30 September 2020 compared to 30.8% for the same period in 2019.

ADNIC’s net underwriting income increased by 44.0% to AED394.7m against AED274.1m for 9M2019. Net technical profit for the nine-month period ended 30 September 2020 increased by 125.5% to AED201.8 m, against AED 89.5m for the corresponding period in 2019.

ADNIC’s net investment and other income stood at AED 85.0m for the first nine months of this year compared to AED106.4m for the corresponding period in 2019.

General and administrative expenses excluding provision for doubtful debts for the first nine months of this year decreased by 4.1% to AED172.2m compared to AED179.5m for the same period in 2019.

Commenting on ADNIC’s performance, Sheikh Mohamed Bin Saif Al-Nahyan, chairman of ADNIC, said, “In a year full of uncertainty, our strategic actions have enabled us to deliver resilient results as we recorded a net profit of AED282.8m, a 45.5% increase compared to the same period last year. We also won several significant accounts which helped propel the business forward and we continued to accelerate our digital initiatives across the company. Looking at the remainder of the year, we will continue to respond to the increasing digital-first mindset of retail and SME customers through ongoing product and service innovation.”

Listed on the Abu Dhabi Securities Exchange, ADNIC is a composite insurance partner providing services to individuals and corporates across the Middle East and North Africa region. Founded in the UAE in 1972, ADNIC has a wide network of branches as well as sales and service centres across the country. ADNIC also has a representative office in London, under the name ADNIC International.

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