Adnic reports full year 2020 net profit of Dhs371 million

Abu Dhabi National Insurance Company (Adnic), one of the leading regional multi-line insurance providers for both corporates and individuals, reported its financial results for the full year ended Dec.31, 2020 on Sunday.

Commenting on Adnic’s performance, Sheikh Mohamed Bin Saif Al-Nahyan, Chairman of Adnic, said: “Against the uncertain backdrop of 2020, Adnic demonstrated strong results with a full-year net profit of Dhs371 million, a 30.5 per cent increase compared to the previous year.

Adnic’s technical abilities in prudent risk selection continue to be the bedrock on which this performance is based. These results are also due in part to the long-term investments we have made in technology over recent years and our ability and expertise to put the customer first and provide them with platforms that function 24/7. As a customer centric company, we will continue to pursue our digital transformation journey across all customer channels and consumer lines products.”

“This was a year when our readiness to support clients was crucial. The years of experience of insuring risks in over 70 countries came to the fore and has helped us further diversify our book of business. We measure our success both in the number of new client wins and the long-term relationships and partnerships that we maintain year after year. That said, I am proud of what we have achieved in such adverse conditions in 2020. We consider Adnic to be an integral part of our communities and we will continue to support the government’s plans and participate in several CSR and charitable initiatives.”

He added: “We are grateful for the guidance received from the UAE’s leadership, and I would like to extend our sincere gratitude to His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister, and Ruler of Dubai, and His Highness Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, for their continued support.”

Ahmad Idris, CEO of Adnic, said: “In a time of so much uncertainty, Adnic delivered a strong performance and sustained growth across key metrics. Adnic demonstrated strength throughout the year and quickly adapted to a rapidly changing environment, enabling us to support our customers, employees and communities in navigating unprecedented times. With a customer- first mindset, Adnic accelerated the execution of its ambitious digital transformation plans to ensure uninterrupted services to our customers and the delivery of exceptional expertise and advice to customers.”