Adnic reports net profit of Dhs267.6m for nine months

Abu Dhabi National Insurance Company (Adnic) reported its financial results for the nine-month period ended Sept.30, 2022, announcing a net profit was Dhs267.6 million, net technical profit of Dhs173.8 million, and net investment and other income of Dhs93.8 million.

Commenting on ADNIC’s performance, Sheikh Mohamed Bin Saif Al-Nahyan, Chairman of Adnic, said, “Adnic has delivered solid top-line growth with gross written premiums growing by 32.4 per cent to Dhs4.29 billion with strong net profit. The performance was driven by robust growth in the commercial division of 50.7 per cent, and stable growth in consumer lines of 10.0 per cent despite pricing pressure and strong competition.”

“Our expense management continues to be robust and growth in expenses of 12.2 per cent is lower than premium growth. We continue to make investments in new technologies and capabilities in the digital space. Sustainability will remain a key pillar of Adnic’s strategy moving forward, and we will continue to ensure sustainable operation and practices across our business, community and the environment in which we operate.”

Ahmad Idris, CEO of Adnic, said, ” Our hard work is reflected by various recognitions and ratings assigned to the company in the past period. AM Best affirmed the Financial Strength Rating of “A” (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of ADNIC with a stable outlook. ADNIC is also rated “A” with stable outlook by Standard & Poor’s.”