ADNIC reports net profit of AED 267.6 million for the first nine months of 2022
15 Nov 2022
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 nine-month period ended 30 September 2022.
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% to AED 4.29 billion with strong net profit reaching AED 267.6 million for the nine months ending 30 September 2022. The performance was driven by robust growth in the commercial division of 50.7%, and stable growth in consumer lines of 10.0% despite pricing pressure and strong competition.”
“Our expense management continues to be robust and growth in expenses of 12.2% 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.”
“I would like to thank all our partners and stakeholders for their continuous support that helps ADNIC be one of the UAE’s most trusted insurers. We are grateful for the guidance received by the UAE’s leadership and extend our sincere gratitude to His Highness Sheikh Mohamed Bin Zayed Al Nahyan, President of the UAE and His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister, and Ruler of Dubai.”
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 & Poors.”
He added: “We remain committed to engaging strongly with all stakeholders with our various initiatives in areas including Emiratisation, health & wellbeing, climate change and giving back to the local community. The ADNIC team is developing strategies to contribute to Abu Dhabi and the UAE’s transition to net-zero by 2050.”
