Wednesday, August 10, 2022 – 10:24 am
ABU DHABI, 10 August / WAM / The Abu Dhabi National Insurance Company announced its financial results, achieving a net profit of 186.9 million dirhams in the first half of this year.
Sheikh Mohammed bin Saif Al Nahyan, Chairman of the Board of Directors of ADNIC, said: “ADNIC continued to achieve strong financial results in light of the challenges facing the global economy. As we enter the second half of the year, we are optimistic regarding our expectations for the future, as we will continue Investing in the latest technologies to keep pace with the current and future needs of the market, and to contribute to achieving the aspirations of the UAE government.”
He added: “Abu Dhabi National Insurance Company achieved a strong performance during the first six months in terms of revenue growth, as gross written premiums increased by 20.9% to reach 3.23 billion dirhams..Despite the pressures faced by the prices of some insurance branches with the return of consumer behaviors and traffic on the roads. However, most insurance branches maintained their positive performance.
As a result, net underwriting income during the first half of the year amounted to AED 253.9 million, an increase of 24.2% compared to the same period in the previous year as a result of balanced growth between the various insurance branches.. Investment income was affected by market fluctuations in many asset classes with a decrease Most of the main assets classified at rates ranging between 10% and 20% since the beginning of 2022. The company continued its rational management of expenses, as the growth of premiums exceeded the growth rate of expenses despite the costs associated with compliance policies such as the adoption of the International Financial Reporting Standard related to insurance contracts /IFRS 17/, in addition to Continue investing in new digital capabilities and capabilities.
For his part, Ahmed Idris, CEO of Abu Dhabi National Insurance Company, said: “Abu Dhabi National Insurance Company is proud to be one of the leading companies in the insurance sector in the United Arab Emirates, which is reflected in the strength of our financial performance, culture of excellence and quality in service, in addition to our strong financial performance. Our keenness to spread and enhance the culture of creativity and innovation, and our market share.. We will continue in Abu Dhabi National Insurance Company our commitment to support all major business priorities, and work closely with partners and stakeholders through our various initiatives that include Emiratisation, health and well-being, climate change, and participation in various social initiatives. Over the past few months, the Abu Dhabi National Insurance Company has renewed its partnerships with many targeted social initiatives, and partnership with the Emirates Nature Society, as well as launched the “My Empowerment Program” to develop young Emirati competencies, and published the health and well-being application “LiveWell” for clients.
He concluded: “As the company celebrates its 50th anniversary in 2022, we are pleased to continue participating in various initiatives that are in the interest of the welfare and well-being of society, support the various strategic projects and visions of the UAE government and move forward on the path of successes over the past fifty years. coming”.
According to the financial results, the company’s gross written premiums increased by 20.9% to reach 3.23 billion dirhams during the first six months ending on June 30, 2022, compared to 2.67 billion dirhams for the same period in 2021.
The total premium rate retained by the company amounted to 31.9% during the first six months ending on June 30, 2022, compared to 34.3% for the same period in 2021. Dirhams for the same period in 2021.
General and administrative expenses amounted to 129 million dirhams during the first six months ending on June 30, 2022, compared to 118.9 million dirhams for the same period in 2021, and net technical profits amounted to 124.9 million dirhams during the first six months ending on June 30, 2022, compared to 161.4 million dirhams. for the same period in 2021.
Net investment profit and other income amounted to 62 million dirhams during the first six months ended June 30, 2022, compared to 87.3 million dirhams for the same period in 2021.
Wam/ Ramy Samih/ Reda Abdel Nour
