Adnic’s 2018 profits up 3.7% on premiums

dubai — Abu Dhabi National Insurance Company (Adnic) on Wednesday said its 2018 net profit increased 3.7 per cent year-on-year to Dh235.6 million, thanks to strong growth in gross written premiums.

A statement issued by the company said that its gross written premiums were up 10.1 per cent year-on-year to Dh2.91 billion driven by growth across core lines of business. Net technical profit increased by 22.8 per cent to Dh145.4 million due to strong margins in key portfolios.

The board recommended cash dividend of 30 fils per share on Wednesday. Its basic and diluted earnings per share increased five per cent to Dh0.42. Shareholders’ equity increased by 6.4 per cent to Dh2.10 billion, compared to Dh1.98 billion as at 31 December 2017.

“Adnic’s success against the backdrop of continued challenging market conditions reflects the benefits of our focus on diversification, innovation and efficiency in 2018, with new products, enhanced processes and a broader footprint underpinning our success,” said Sheikh Mohamed bin Saif Al Nahyan, Chairman of Adnic.

“2018 marked another successful year for Adnic, characterised by strong revenue growth, high net profit and sharp underwriting discipline. Through this year-on-year growth we maintained our position as one of the region’s leading insurers, delivering against key financial, regulatory and customer service metrics,” said Ahmad Idris, CEO of Adnic.