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Adnic swings to strong profit

ABU DHABI, February 12, 2017

Abu Dhabi National Insurance Company (Adnic), one of the leading regional multi-line insurance providers for corporates and individuals, reported a net profit of Dh205 million ($55.81 million) for 2016, a significant turnaround back into strong profit.

The company had reported a net loss of Dh334.5 million for 2015. 

Shaikh Mohamed Bin Saif Al-Nahyan, chairman of Adnic, said: “The Board of Directors is pleased to note that Adnic has sustained its profitability throughout 2016 with continued strong underwriting and net profit growth for the last quarter of this year. The realignment of Adnic’s operational strategy has delivered positive results and has enabled the company to report a strong financial performance.”

For the year 2016, Adnic’s gross premium written was Dh2.38 billion, compared with Dh2.29 billion the previous year.

The overall premium retention ratio for the company reached 44 per cent for the year 2016 compared to 48 per cent for 2015. 

Adnic reported a net underwriting profit of Dh342.6 million, against a net underwriting loss of Dh228.9 million for 2015.  

The company’s net investment and other income was Dh102.4 million for 2016 compared to Dh102.0 million for 2015.

General and administrative expenses was Dh239.9 million for 2016 compared to Dh207.6 million for 2015. 

Adnic’s cash balances increased by 54.4 per cent to Dh1.030 billion as on December 31, 2016, compared to Dh667 million last year.

The total assets of the company increased by 15.8 per cent to Dh6.49 billion as on December 31, 2016, compared to Dh5.60 billion as at December 31, 2015. – TradeArabia News Service




Tags: Insurance | profit | Adnic |

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