Abu Dhabi: Abu Dhabi National Insurance Company (Adnic) reported a net profit of Dh74 million for the first quarter of 2017, up 90 per cent compared to a net profit of Dh39 million for the same period in 2016.
The Abu Dhabi listed company’s net profit was driven by net investment income as well as net underwriting income, according to a statement on Wednesday.
Net underwriting income of Adnic in the first quarter increased by 46 per cent to Dh97.6 million against a net underwriting profit of Dh66.8 million in the same period last year.
Adnic’s net investment and other income increased by 29 per cent to Dh29.2 million for the first three months of this year compared to Dh22.6 million for the same period in 2016.
For the three month period ended March 31, 2017, Adnic’s gross written premium increased to Dh1.08 billion compared to Dh1.06 billion for the same period in 2016.
General and administrative expenses for the first three months of this year stood at Dh52.8 million compared to Dh50.3 million for the same period last year.
Commenting on the results, Shaikh Mohammad Bin Saif Al Nahyan, Chairman of Adnic, said: “Adnic continues on the path of sustainable profitability supported by a resilient operating strategy. The prudent underwriting has resulted in a robust net profit for the first quarter of this year as well as an increase in gross written premium.”
