Adnic net profit up 22.6% to Dh218.8m

Net underwriting income rises 27.5% for nine-month period

Abu Dhabi National Insurance Company (Adnic)’s net profit increased 22.6 per cent in the first nine months of 2018 due to higher underwriting income, the company said yesterday.

The Abu Dhabi-listed company posted a net profit of Dh218.8 million during the nine-month period ended September 30, compared to Dh178.5 million for the same period in 2017.

Adnic’s net underwriting income increased by 27.5 per cent to Dh304.7 million for the nine month period ended September 30 against net underwriting income of Dh239 million for the same period in 2017.

“The results stand as testament to the company’s continuous efforts to become the insurer of choice for customers, and its target to optimise return on investment for shareholders,” said Shaikh Mohammad Bin Saif Al Nahyan, chairman of Adnic in a statement.

The results stand as testament to the company’s continuous efforts to become the insurer of choice for customers, and its target to optimise return on investment for shareholders.” Shaikh Mohammad Bin Saif Al Nahyan

“Adnic’s leading performance across the business is driven by a successful strategy of revenue stream diversification across different insurance segments, new product development, a clear focus on underwriting quality, and greater business efficiency.”

The company’s net investment and other income also increased by 2.8 per cent to Dh90.7 million for the ninemonth period compared to Dh88.2 million for the same period in 2017.

Total assets increased by 9.3 per cent to Dh7.32 billion compared to Dh6.70 billion as at December 31, 2017.