Abu Dhabi insurer Adnic set to buy back 10pc shares
ABU DHABI, September 8, 2018
Abu Dhabi National Insurance Company (Adnic) said it has won approval from the UAE's Securities & Commodities Authority (SCA) for repurchasing 10 per cent of its shares.
The Abu Dhabi-listed insurer said that the deadline of the share buyback ends on August 13, 2019, while the repurchased stocks are to be sold two years after the date of the last buying transaction, said the company in its bourse filing.
The company, had posted a net profit of Dh150.5 million ($41 million) for the first half of the year, as against Dh128.5 million during H1 2017, thus marking a 17.1 per cent rise.
Adnic registered a 17.14 per cent year-on-year increase in its net profit in the second quarter of 2018, logging Dh55.4 million in Q2-18 versus Dh54.5 million.
For the six-month period ended June 30, Adnic’s gross written premiums increased by 14.7 per cent to Dh1.81 billion, compared to Dh1.58 billion for the same period in 2017, said the company in its bourse filing.
The Abu Dhabi-based firm's total assets increased by 11.5 per cent year-on-year to Dh7.47 billion in first half, it added.-TradeArabia News Service
