By Staff writer
133.1% increase in net profit from Q1 2019 driven by ongoing commercial momentum and business continuity measures
Abu Dhabi National Insurance Company (ADNIC) has announced a AED122.6 million ($33.3m) net profit for the first quarter of the year, up 133.1 percent from Q1 2019 (AED52.6m), driven by ongoing commercial momentum and business continuity measures.
During Q1 2020, gross premiums increased by 7.7 percent on the previous year to AED1.87billion ($509m). While underwriting profits showed a substantial increase to AED151.2m ($41.2m), a growth of 79.4 percent over the previous year.
Ahmad Idris, CEO of ADNIC, said: "Our solid financial performance in the first quarter reflects our ability to adapt to challenging market conditions, the fundamental strength of the company and the exceptional contribution of our employees to provide uninterrupted service to customers.”
During the three-month period, and the onset of coronavirus, ADNIC contributed AED3m ($817.000) towards the Ma'an ‘Together We Are Good’ programme.
"ADNIC also continued to give back to the local community through our wide-ranging and long-standing CSR initiatives and activities. We made valuable contributions to the wider community by partnering with Ma’an Abu Dhabi towards the ‘Together We Are Good’ programme to support the UAE community in addressing the fight against the pandemic," said Idris.