Abu Dhabi National Insurance Company (Adnic) said its gross premium written for the third quarter fell to Dh362 million from Dh460 million for the same period last year.

Announcing the results for the third quarter ended September 30, Adnic said the overall premium retention ratio for the company reached 53.5 per cent for the three month period ending September 30, 2015 compared to 71.7 per cent for the same period last year.  

For the three month period, Adnic had reported a net underwriting loss of Dh9.9 million, against a net underwriting profit of Dh17.1 million for the same period in 2014.   

Adnic said its net investment and other income was Dh24.2 million for the three month period ending September 30, 2015 compared to Dh24.9 million for the same period last year.

The general and administrative expenses decreased by 11 per cent to Dh46.6 million for the three month period ending September 30, 2015 compared to Dh52.6 million  for the same period in 2014.  

The company also reported a net loss of Dh32.4 million for the three month period ending September 30, 2015, compared to a net loss of Dh10.5 million for the same period in 2014.  

Commenting on the results, chairman Khalifa Mohamed Al Kindi, said: “The Board of Directors acknowledges the corrective measures implemented by the executive management to restore the company’s traditional levels of profitability, which are supported by ADNIC’s robust liquidity position.”

Adnic’s cash and cash equivalents stood at Dh690 million as at September 30 compared to Dh559 million as at December 31, 2014.

Total company investments including cash in time deposits, bank accounts and investment properties increased by 4% to Dh2,848 million as at September 30th 2015, compared to Dh2,731 million as at December 31st 2014.

The total assets of the company increased by three to Dh5,734 million as at September 30 compared to Dh5,556 million as at December 31, 2014.

CEO Ahmad Idris said the gross premium written for this period is in line with Adnic’s selective underwriting policy.

"Adnic is one of the most reliable business partners in the insurance industry within the region with a strong liquidity position and solid fundamentals. The company’s performance in the commercial business lines continued to strengthen following the corrective measures implemented and the consumer business lines have shown a positive trend," he added.-TradeArabia News Service