Abu Dhabi National Insurance Company (Adnic), a top insurance provider, has posted a net profit of Dh95.2 million ($25.9 million) for the first quarter (Q1) of the year as against Dh74 million for Q1 2017, marking a rise of 28.6 per cent.

Sheikh Mohamed Bin Saif Al-Nahyan, chairman of Adnic, said: “I am delighted that Adnic’s performance continues to produce positive results. This represents a strong start to 2018. With customer service being the foundation of our growth, we are able to create solutions that deliver value for our customers and strengthen our sustainable business model.”

For the three-month period ended March 31, Adnic’s gross written premium increased by 13 per cent to Dh1.22 billion compared to Dh1.08 billion for the same period in 2017.

The overall premium retention ratio reached 52 per cent for Q1 2018 compared to 42 per cent for the same period in 2017.  

Adnic’s net underwriting profit increased by 18.3 per cent to Dh115.5 million, against a net underwriting profit of Dh97.6 million for the same period in 2017.

Ahmad Idris, CEO of Adnic said: “Our strategy has been consistent, putting our customers first. We remain prudent and disciplined in our approach and will continue to seek opportunities that provide value for our stakeholders.” – TradeArabia News Service