Abu Dhabi National Insurance Company (ADNIC) has released its financial results for the first half of 2022, posting a net profit of 186.9 million Dhs.
Sheikh Mohamed bin Saif Al-Nahyan, Chairman of ADNIC, said, “ADNIC has continued to deliver stable performance in the face of challenging global economic conditions. As we enter the second half of the year, we are optimistic about our prospects for the future. We will continue to invest in the latest technology to adapt to current and future market needs and meet the aspirations of the UAE government.
The company had a solid second quarter, with gross written premiums up 20.9% to MAD 3.23 billion.
Loss ratios are broadly stable despite pricing pressures in some lines. Consequently, the net technical result for the first half of the year amounted to 253.9 million Dhs, an increase of 24.2%.
“Investment income was impacted by high market value volatility across multiple asset classes, with most major assets listed down between 10% and 20% year-to-date. expense continues to be strong and expense growth below premium growth, despite the continued cost of compliance, such as the implementation of IFRS 17 and investments in new technologies and capabilities,” explained the President of ADNIC.
Abu Dhabi National Insurance Company‘s gross written premiums increased by 20.9% to reach Dhs 3.23 billion in the first half of 2022, compared to Dhs 2.67 billion for the same period in 2021. , the overall premium retention rate was 31.9%, compared to 34.3%. for the same period in 2021.
The company’s net technical result stood at MAD 253.9 million, compared to MAD 280.3 million in 2021.
General and administrative expenses amounted to 129 million Dhs, against 118.9 million Dhs for the same period last year. The net technical result amounts to 124.9 M MAD, against 161.4 M MAD in 2021.
ADNIC’s net investment and other income amounted to Dhs 62 million, compared to Dhs 87.3 million last year.
Ahmad Idris, CEO of ADNIC said, “We will continue to engage strongly with all stakeholders in our various initiatives in areas such as Emiratisation, Health and Wellness, Climate Change and contribution to the local community. Over the past few months, we have renewed our partnerships with several CSR initiatives and Emirates Nature-WWF, developed a national talent program in the UAE called “Emkanati” and rolled out our “LiveWell” health and wellness app for clients.
“With 2022 being the company’s 50th anniversary, we will continue to be engaged in initiatives that contribute to the betterment of society and support the UAE’s various strategic projects as ADNIC and the country begin their journey to the next 50 years.”
In recent news, the Quarterly Economic Review published by the Central Bank of the United Arab Emirates (CBUAE) for the first quarter of 2022 showed that the insurance sector in the United Arab Emirates reflected growth, with an increase in the number of insurance policies, gross written premiums and approved insurance-related entities.
Read: Total assets invested in the insurance sector increase by 5.4% to reach 77.8 billion dirhams in the first quarter of 2022: CBUAE