Abu Dhabi National Insurance Company (ADNIC) announced on Wednesday a net profit of AED39 million ($10.6 million) for the first quarter of 2016, a growth of 670 percent over the same period of last year.
Total company investments stood at AED2.66 billion as at March 31 while total assets increased by 13 percent to AED6.33 billion, the company said in a statement.
Shaikh Mohamed Bin Saif Al-Nahyan, chairman of ADNIC, said: “ADNIC has started the year on a strong note with growth in net underwriting income and an overall net profit, driven by corrective measures implemented by the management of the Company over the past year. The board of directors, as well as the management team, remain focused on delivering growth and shareholder value.”
For the three month period ended March 31, ADNIC said the gross premium written was AED1.06 billion, the statement said, adding that the overall premium retention ratio for the company reached 45.2 percent in Q1 compared to 47.7 percent for the same period in 2015.
General and administrative expenses for three month period rose slightly to AED50.3 million while cash and cash equivalents stood at AED595.4 million.
Ahmad Idris, CEO of ADNIC said: “Over the past year, the company has undertaken a series of initiatives, which has now set the foundation for ADNIC to return to its traditional levels of profitability, with greater adaptability and stronger customer relationships.”
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