Abu Dhabi National Insurance pulls out 60% profit gain in first-half 2020
Manages growth in gross premiums as well as on premium retention in a difficult period
Abu Dhabi: Abu Dhabi National Insurance Company came up with a remarkable set of numbers for its first-half 2020 performance – profits up 60 per cent to Dh189.7 million despite having to battle the COVID-19 pandemic.
Gross premiums (GWP) were up 9.1 per cent to Dh2.56 billion, with net premiums came in at Dh877 million, a 14.8 per cent year-on-year increase. The insurer’s premium retention ratio reached 34.3 per cent during this period, from 32.6 per cent
But it was on investment income that ADNIC took a hit, down 30 per cent to Dh55.1 million compared to 79.1 million, brought on by market volatility arising from the pandemic.
“Strong gains were achieved in the commercial lines,” said Shaikh Mohammad Bin Saif Al Nahyan, Chairman. “Despite challenging market conditions, specifically for consumer lines, gross written premium was maintained almost at the same level as the previous year.
“The impact of the pandemic is an evolving situation and ADNIC will continue to monitor the impact on its business.”