Abu Dhabi: Abu Dhabi National Insurance Company (Adnic) on Monday posted a net profit of Dh128.5 million for the first half of 2107, an increase of 20 per cent in profitability over the same period last year. Adnic posted Dh107.4 million in net profit for the first half of last year, it said in a statement.
The firm’s net investment and other income increased by 24 per cent to Dh62.2 million for the first half of this year compared to Dh50.1 million for the same period in 2016 and its gross written premium in the first half increased by 9.9 per cent to Dh1.58 billion compared to Dh1.44 billion for the same period in 2016, the company said.
For the six-month period ended June 30 2017, Adnic’s net underwriting profit is Dh160.8 million, against a net underwriting profit of Dh165.9 million for the same period in 2016. General and administrative expenses for six month period ended June 30 2017, stood at Dh94.5 million compared to Dh108.5 million for the same period in 2016.
Shaikh Mohammad Bin Saif Al Nahyan, Chairman of Adnic, said the company has continued its growth momentum in 2017 achieving strong net profit for the first half of 2017.
“This has been achieved through prudent underwriting and consistent focus on unwavering commitment to customer service. The Board of Directors as well as the management team are confident that Adnic remains one of the market leaders in terms of its balance sheet strength and a comprehensive suite of products,” he said in a statement.
