Beta Launch Saturday, 24 August 2019
Global Dow 3.79
2,835.68 0.13%
27 August 08:59 PM
S&P 500 4.08
2,443.05 0.17%
25 August 05:03 PM
EGX 23.25
12,949.65 0.18%
27 August 12:00 AM
TDWL -20.48
7,225.18 -0.28%
27 August 12:00 AM
DFM -21.94
3,602.55 -0.61%
27 August 12:00 AM
ADX -13.82
4,479.99 -0.31%
27 August 12:00 AM

Adnic reports growth in net profit for Q2

 Abu Dhabi National Insurance Company, ADNIC, today announced its financial results for the period ending 30th June, 2019. The company reported a net profit of AED66.0 million for the second quarter of 2019, an increase of 19.1 percent in the same period in 2018.

Commenting on ADNIC’s performance, Sheikh Mohamed bin Saif Al-Nahyan, Chairman of ADNIC, said, "ADNIC has delivered 29.5 percent growth in gross written premium during the first half of 2019 and 19.1 percent growth in net profit during the period from April to June 2019. As we move into the second half of 2019, the company will remain firmly focused on maintaining robust foundations to drive long-term sustainable growth and maximise value for shareholders, while increasing customer satisfaction and retention."

Key financial highlights include gross written premiums increased by 29.5 percent to AED2.35 billion, compared to AED 1.81 billion for the same period in 2018. The overall premium retention ratio reached 32.6 percent, compared to 53.2 percent for the same period in 2018.

ADNIC’s net underwriting profit is AED165.4 million, against AED193.1 million for the same period in 2018. General and administrative expenses stood at AED125.9 million, compared to AED112.3 million for the same period in 2018. Net technical profit is AED40.7 million, against AED81.5 million for the same period in 2018.

The company's cash balances stood at AED774.5 million, compared to AED611.1 million as of 31st March, 2019, and to AED854.6 million as of 31st December, 2018. Total investments including cash in time deposits, bank accounts, and investment properties stood at AED3.75 billion, compared to AED3.56 billion as of 31st March, 2019, and to AED3.75 billion as of 31st December, 2018.

Total assets increased by 11.3 percent to AED8.07 billion, compared to AED7.25 billion as of 31st December, 2018. Gross technical reserves increased by 13.7 percent to AED4.50 billion, compared to AED3.96 billion as of 31st December 2018. 

ADNIC’s net investment and other income increased by 13.5 percent to AED79.1 million, compared to AED69.7 million for the same period in 2018.

For the six-month period ended 30th June 2019, net profit is AED118.6 million, compared to AED150.5 million for the same period in 2018. For the three-month period ended 30th June 2019, net profit grew by 19.1 percent to reach AED66.0 million, compared to AED55.4 million for the same period in 2018.

The shareholders’ equity position is AED2.14 billion, compared to AED2.10 billion as of 31st December, 2018. Basic and diluted earnings per share are AED0.21, compared to basic and diluted earnings per share of AED0.27 for the same period last year.

Ahmad Idris, CEO of ADNIC, stated, "The company’s performance is a testament to the strength of our customer service proposition, technical excellence, product and service innovation and commitment to the community. Moving forward, we will continue to focus on achieving our strategic targets, including investing in new products and service innovations to create additional value for customers and shareholders."

RECOMMENDED

COMMENTS

There are no comments yet

LEAVE A COMMENT

Share with

My Account

Forgot password?

Create An Account

Forgot password?

Restore password

Subscribe to read
Already subscribed? Click here

For a limited time!
12 Months = 15 Months
24 Months = 32 Months
(Included Postal Fees worldwide)

Read, Explore Opportunities
Be connected with Business, Investment, Finance, Stock Exchange, Currencies, Development and International Cooperation

3 Months

18 USD / 60 AED

English Edition

Subscribe

3 Months

18 USD / 60 AED

Arabic Edition

Subscribe

3 Months

29.9 USD / 99 AED

Both Editions

Subscribe

6 Months

36 USD / 120 AED

English Edition

Subscribe

6 Months

36 USD / 120 AED

Arabic Edition

Subscribe

6 Months

59.9 USD / 199 AED

Both Editions

Subscribe

12 Months

72 USD / 240 AED

English Edition
Good Deal! 
(15 Months instead of 12 Months)

Subscribe

12 Months

72 USD / 240 AED

Arabic Edition
Good Deal! 
(15 Months instead of 12 Months)

Subscribe

12 Months

122 USD / 408 AED

Both Editions
Good Deal! 
(15 Months instead of 12 Months)

Subscribe

24 Months

144 USD / 480 AED

English Edition
Amazing Deal!
(32 Months instead of 24 Months)

Subscribe

24 Months

144 USD / 480 AED

Arabic Edition
Amazing deal!
(32 Months instead of 24 Months)

Subscribe

24 Months

240 USD / 799 AED

Both Editions
Amazing deal!
(32 Months instead of 24 Months)

Subscribe
* Terms and conditions apply.