ADNIC reports first quarter 2022 net profit of AED 84.7 million

ABU DHABI, 10th May, 2022 (WAM) -- Abu Dhabi National Insurance Company (ADNIC) reported its financial results for the three-month period ended 31 March 2022.

Commenting on ADNIC's performance, Sheikh Mohamed bin Saif Al Nahyan, Chairman of ADNIC, said: "As the economy continues its post pandemic recovery, ADNIC continues to deliver strong financial results combined with expense discipline. We are satisfied with our resilient financial performance this quarter and continue to grow market share through flexibility, efficiency and cost control. We will continue to develop our operational structure and invest in new technical capabilities."

"ADNIC's financial strength, brand recognition and our global reinsurance partnerships contributed in 20.2% rise in premiums to AED 2.28 billion. Net underwriting income was healthy at AED 125.9 million, compared to AED 177.2 million for the same period in 2021, and overall expenses were flat compared to strong growth in top-line. The company's effective management of the receivable portfolio has allowed for significantly lower bad debt charge as compared to the same quarter of last year. The balance sheet strength continues to remain a competitive advantage with total assets growing to AED 10 billion with solvency well in excess of regulatory and rating agencies' minimum requirements."

"ADNIC continues to make investments in areas, which will allow us to capture market share in new geographies and product areas. We are also developing new sales and services capabilities particularly in digital distribution, which will positively impact multiple lines of business."

"We are grateful for the guidance received from the UAE's leadership and extend our sincere gratitude to His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces. On behalf of the Board of Directors, I would like to thank all our partners and shareholders for their continuous support that helps ADNIC be one of the UAE's most trusted insurers. I want to thank our employees for their hard work and dedication. To our customers, thank you for your continued trust in us."

Ahmad Idris, CEO of ADNIC, said: "Our financial performance in the first quarter remains robust and reflects our ability to adapt to current market conditions amidst global economic tensions, as well as to develop new services and technological capabilities. This year marks our 50th anniversary and the hard work over the decades is paying off. ADNIC has been named 'General Insurer of the year' at the InsurTek Golden Shield Excellence Awards 2022, a prestigious recognition that measures numerous criteria including financial performance, standard of services, tech innovation and market share."

He added: "ADNIC continues its commitment to multiple facets of its business, including Emiratisation, wellbeing and giving back to the local community. Over the past few months, ADNIC has renewed its partnerships with several CSR initiatives, developed a UAE national talent programme 'Emkanati' and implemented wellbeing procedures for its employees and customers."