Abu Dhabi National Insurance Company (Adnic) has posted a revenue of DH2.63 billion ($715.8 million) for last year, an increase of nine per cent compared to the previous year.

The firm, however, posted a net loss of Dh280 million compared to a net profit of Dh 156 million in 2013, said a statement.

Its net investment income grew seven per cent to reach Dh106 million, it said.

The company’s Annual General Assembly, which met recently has appointed Ernst and Young as Adnic’s auditors for this year and the board’s proposal to transfer Dh300 million from the general reserve to retained earnings.

It also approved the Board of Directors Report, the Auditors Report and Financial Statements for 2014, and absolved the Board and the Auditors from liabilities for the financial year ended December 31.

Khalifa Al Kindi, chairman of Adnic, who presided over the meeting, said: “I wish to thank the members of the board for their support and the company management and employees for their efforts over the past year. Despite significant challenges in 2014, Adnic was able to make progress on a number of fronts that have positioned the company well for future growth.

“The board of directors supports management’s plans for 2015 and beyond to deliver shareholder value, as well as key operational, commercial and strategic improvements.” - TradeArabia News Service