ADNIC Announces Q3, 2015 Financial Results
11 Nov 2015
Abu Dhabi National Insurance Company (ADNIC) announced today its financial results for the third quarter ended September 30th 2015.
Commenting on these results, H.E. Khalifa Mohamed Al-Kindi, Chairman of ADNIC, said: “The Board of Directors acknowledges the corrective measures implemented by the Executive Management to restore the Company’s traditional levels of profitability, which are supported by ADNIC’s robust liquidity position.”
Key Financial Highlights
Gross Premium Written
For the three month period ending September 30, 2015, ADNIC’s Gross Premium Written was AED 362 million compared to AED 460 million for the same period in 2014.
Premium Retention
The overall premium retention ratio for the company reached 53.5% for the three month period ending September 30, 2015 compared to 71.7 % for the same period in 2014.
Net Underwriting Result
For the three month period ending September 30, 2015, ADNIC reported a Net Underwriting Loss of AED 9.9 million, against a Net Underwriting Profit of AED 17.1 million for the same period in 2014.
Net Investment Income
ADNIC’s Net Investment and Other Income was AED 24.2 million for the three month period ending September 30, 2015 compared to AED 24.9 million for the same period in 2014.
General and Administrative Expense
General and Administrative Expenses decreased by 11% to AED 46.6 million for the three month period ending September 30, 2015 compared to AED 52.6 million for the same period in 2014.
Net Result
The company has reported a net loss of AED 32.4 million for the three month period ending September 30, 2015, compared to a net loss of AED 10.5 million for the same period in 2014.
Liquidity Position – ADNIC’s cash and cash equivalents stood at AED 690 million as at September 30th 2015, compared to AED 559 million as at December 31st 2014.
Total Investments – Total company investments including cash in time deposits, bank accounts and investment properties increased by 4% to AED 2,848 million as at September 30th 2015, compared to AED 2,731 million as at December 31st 2014.
Total Assets – The total assets of the company increased by 3% to AED 5,734 million as at September 30th 2015, compared to AED 5,556 million as at December 31st 2014.
Ahmad Idris, CEO of ADNIC said: “The gross premium written for this period is in line with ADNIC’s selective underwriting policy. ADNIC is one of the most reliable business partners in the insurance industry within the region with a strong liquidity position and solid fundamentals. The company’s performance in the commercial business lines continued to strengthen following the corrective measures implemented and the consumer business lines have shown a positive trend.
