ADNIC reports second quarter 2022 net profit of AED 186.9 million
10 Aug 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 six-month period ended 30 June 2022. For the six-month period ended 30 June 2022, ADNIC recorded a net profit of AED 186.9 million.
Commenting on ADNIC’s performance, Sheikh Mohamed Bin Saif Al-Nahyan, Chairman of ADNIC, said: “ADNIC continued to deliver steady performance in the face of challenging global economic conditions. As we move into the second half of the year, we are optimistic about our future outlook and will continue to invest in the latest technologies to adapt to current and future market needs, as well as meet the UAE’s government aspirations.”
“ADNIC delivered a robust second quarter in terms of top-line growth with Gross Written Premiums higher by 20.9% to AED 3.23 billion. Loss ratios were broadly stable despite pricing pressures in certain lines as well as normalised consumer behaviour. As a result, Net Underwriting Income for the first half of the year was AED 253.9 million. The quarter-on-quarter growth in Net Underwriting Income was 24.2%, due to a well-diversified book of business. Investment Income was impacted by high mark to market volatility across several asset classes with most major asset classed down between 10% and 20% for the year to date. Our expense management continues to be strong and growth in expenses lower than premium growth, despite the continued cost from compliance such as IFRS 17 implementation and investments into new technologies and capabilities.”
“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. We will continue to walk on the path laid by the late Sheikh Khalifa bin Zayed Al Nahyan and help in our country’s journey towards global excellence. I want to thank our employees for their hard work, dedication and their ability to provide exceptional services. To our customers and shareholders, thank you for your continued trust in us.”
Ahmad Idris, CEO of ADNIC, said: “We are proud to be one of the leaders in the UAE insurance sector which is evident in our financial performance, standard of services, technological innovation and market share. We will continue to engage strongly with all stakeholders with our various initiatives in areas including emiratisation, health & wellbeing, climate change and giving back to the local community. Over the past few months, we have renewed our partnerships with several CSR initiatives and Emirates Nature-WWF, developed a UAE national talent programme called ‘Emkanati’, and deployed our health and wellness app ‘LiveWell’ for customers.
He added: “With 2022 being the company’s 50th anniversary, we will continue to be engaged in initiatives that contribute to the betterment of society and support the UAE’s various strategic projects as both ADNIC and the country begin their journey towards the next 50 years.
