ADNIC reports AED282.8 million net profit for first nine months of 2020

ABU DHABI, The Abu Dhabi National Insurance Company, ADNIC, on Thursday reported its financial results for the nine-month period ended 30th September 2020.

Commenting on ADNIC’s performance, Sheikh Mohamed bin Saif Al Nahyan, Chairman of ADNIC, said, “In a year full of uncertainty, our strategic actions have enabled us to deliver resilient results as we recorded a net profit of AED282.8 million, a 45.5 percent increase compared to the same period last year. We also won several significant accounts which helped propel the business forward and we continued to accelerate our digital initiatives across the company. Looking at the remainder of the year, we will continue to respond to the increasing digital-first mindset of retail and SME customers through ongoing product and service innovation.”

Ahmad Idris, CEO of ADNIC, said, “I am very pleased to report that ADNIC has demonstrated solid financial performance for the third quarter of 2020 both in terms of gross written premiums as well as net profit. This performance comes as a natural reflection of our comprehensive technical underwriting framework, wide and loyal customer base and our continuous dedication towards delivering market pioneering customer service standards despite the unprecedented and challenging ongoing market conditions. We look forward to concluding this year strongly, while we continue to innovate and strengthen our capabilities to meet the rapidly changing needs of our customers and to achieve superior returns for our shareholders.”

He added, “Moving to the remainder of the year, we will continue to look for ways to remain competitive and fully operational to deliver on our promise as our customers’ reliable insurer. Being a responsible company is fundamental to ADNIC’s long-term sustainability and as we move into the last quarter of the year, we will continue to leverage on our digital facilities and give back to the local community through our long-standing CSR initiatives.”

ADNIC’s technical underwriting results remained solid with 44.0 percent growth, compared to same quarter last year. Particularly strong gains were achieved in the total insurance premium reaching AED3.17 billion which is 6.2 percent growth compared to the previous year with AED2.98 billion, and the technical profit which increased by 125.5 percent – reaching 201.8 million in the third quarter of 2020 compared to 89.5 million in the previous year.

The growth in revenue is primarily driven by the Commercial Lines division which has recorded a 12.8% increase compared to the previous year as a result of a successful conversion of new business opportunities. The company delivered a resilient 5 percent growth across our Employee Benefits division for Q3 2020 on the basis of strong renewal and new business performance.

 

Source: Emirates News Agency