Adnic shows resilience in H1 results

abu dhabi — Abu Dhabi National Insurance Company (Adnic) reported its financial results for the first half ended June 30, on Thursday, showing that it delivered a resilient performance with sustained growth across key metrics.

Net profit was at Dh189.7 million, a 59.9 per cent increase compared to the same period last year. The performance was driven by effective business continuity measures allied to a strong balance sheet and solid market position.

Sheikh Mohamed bin Saif AlNahyan, Chairman of Adnic, said: “The impact of the Covid-19 pandemic is an evolving situation and Adnic will continue to monitor the impact on its business closely and take decisive action as required to support its customers and partners.”

He added that the gross written premium (GWP) for the first six months was up by 9.1 per cent to Dh2.56 billion. Particularly strong gains were achieved in the commercial lines with GWP increasing by 17.1 per cent. Despite challenging market conditions, specifically for consumer lines, GWP was maintained almost at the same level as the previous year.

“Profitability across lines was very strong with total underwriting profits up 67 per cent for the first six months to Dh276.3 million. Combined ratio was 80.2 per cent compared to 93.9 per cent for the previous year,” Sheikh Mohamed added.