Wednesday 02, May 2018 by Jessica Combes

ADNIC achieves Q1 AED 95.2 million net profit

 

Regional multi-line insurance provider Abu Dhabi National Insurance Company (ADNIC), has announced its financial results for the first quarter of 2018.

The Company reported strong first quarter with net profit increased by 28.6 per cent to AED 95.2 million.

“Our strategy has been consistent, putting our customers first. We remain prudent and disciplined in our approach and will continue to seek opportunities that provide value for our stakeholders,” said Ahmad Idris, CEO of ADNIC.

“I am delighted that ADNIC’s performance continues to produce positive results. This represents a strong start to 2018. With customer service being the foundation of our growth, we are able to create solutions that deliver value for our customers and strengthen our sustainable business model,” said Sheikh Mohamed Bin Saif Al-Nahyan, Chairman of ADNIC.

For the three-month period ended 31 March 2018, ADNIC’s Gross Written Premium increased by 13 per cent to AED 1.22 billion compared to AED 1.08 billion for the same period in 2017, while the overall premium retention ratio reached 52 per cent for the three-month period ended 31 March 2018 compared to 42 per cent for the same period in 2017.   

Over the same period, ADNIC Net Underwriting profit increased by 18.3 per cent to AED 115.5 million, against a Net Underwriting Profit of AED 97.6 million for the same period in 2017. General and Administrative Expenses stood at AED 55.3 million compared to AED 52.8 million at the same time in 2017.   

Net Technical Profit increased by 32.8 per cent to AED 61.5 million, against a Net Technical Profit of AED 46.3 million for the same period in 2017, and ADNIC’s cash balances stood at AED 563.9 million as at 31 March 2018, compared to AED 705.4 million as at 31 December 2017.  

The company’s total investments including cash in time deposits, bank accounts and investment properties stood at AED 3.29 billion as at 31 March 2018, compared to AED 3.39 billion as at 31 December 2017.  

The total assets increased by 14.4 per cent to AED 7.66 billion as at 31 March 2018, compared to AED 6.70 billion as at December 31 2017 and ADNIC’s Net Investment and Other Income increased by 20 per cent to AED 35 million for the three-month period ended 31 March 2018 compared to AED 29.2 million for the same period in 2017. 

For the three-month period ended 31 March 2018, Net profit increased by 28.6 per cent to AED 95.2 million, compared to a net profit of AED 74.0 million for the same period in 2017. The Shareholders’ Equity position increased by 0.7 per cent to AED 1.99 billion as at 31 March 2018, compared to AED 1.98 billion as at 31December 2017.  

Basic and diluted earnings per share increased by 30.8 per cent to AED 0.17 as a result of achieving a net profit of AED 95.2 million for the three-month period ended 31 March  2018 compared to basic and diluted earnings per share of AED 0.13 resulting from a net profit of AED 74.0 million for the same period last year.

 

 

  

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