Adnic reports full year 2022 net profit of Dhs377.9m

Abu Dhabi National Insurance Company (Adnic) has reported its financial results for the full year ended 31st December 2022, announcing a net profit of Dhs377.9 million.

The company reported gross written premiums increased by 20.1 per cent to Dhs5.13 billion, compared to Dhs4.27 billion for the same period in 2021.

Adnic’s net underwriting income was Dhs490.9 million, compared to Dhs491.9 million for the same period in 2021. Net technical profit was AED233.7 million, compared to Dhs257.6 million for the same period in 2021. Adnic’s net investment and other income were AED144.2 million.

Commenting on Adnic’s performance, Sheikh Mohamed Bin Saif Al Nahyan, Chairman of Adnic, said, “The company has achieved outstanding top-line growth with gross written premiums growing by 20.1 per cent to reach Dhs5.13 billion, which is a significant accomplishment and new milestone for the company. This achievement was driven by outstanding growth in the commercial division by 38.2 per cent and maintaining the position in the consumer division despite being under significant price pressure and facing aggressive competition.”

“The commercial division demonstrated solid underwriting performance despite aggressive growth, and our underwriting profit grew by 13.8 per cent compared to the prior year. The consumer division performance has stabilised after returning to pre-pandemic levels and delivered solid results contributing 34 per cent of the total Company net underwriting income.”

WAM