Dubai: Al Buhaira National Insurance Co (ABNIC) reported a net profit of Dh35 million for the second quarter of 2017 compared to Dh32 million for the period ended June 30, 2016.
The insurer’s written premium stood at Dh263 million during the second quarter 2017 compared to Dh346 million in the same period last year.
ABNIC posted Dh16 million as its underwriting profit during the second quarter 2017 compared to Dh15 million for the second quarter of 2016.
The company’s total assets stood at Dh1.79 billion at the close of the second quarter of this year compared to Dh1.78 billion at the year-end 2016.
“ABNIC is continuously improving its core competencies and enhancing its risk management controls in line with the principles and practices of corporate governance in order to protect the rights of its shareholders and policyholders,” Shaikh Faisal Bin Khaled Sultan Al Qasimi, chairman of the board at ABNIC, said in a statement.
ABNIC achieved healthy technical results in the first half of the year due to the implementation of recent motor tariffs in line with Insurance Authority instructions which improved premium earned v/s claims incurred.
This, coupled with stricter policy in renewing medical schemes, contributed positively to underwriting profits, the company said in a statement.
