Abu Dhabi: Abu Dhabi National Insurance Company (ADNIC) reported a Net profit of Dh371.0 million, up 30.5 per cent compared to a net profit of Dh284.3 million for the same period in 2019.
“These results are also due in part to the long-term investments we have made in technology over recent years and our ability and expertise to put the customer first and provide them with platforms that function 24/7,” said Sheikh Mohamed Bin Saif Al-Nahyan, Chairman of ADNIC.
ADNIC’s gross premium income for commercial lines for 2020 recorded 13.1 per cent growth. Consumer lines finished the year flat on the account of the overall business segment economic slowdown brought about by the pandemic and the resulting competitive pressure. The company’s overall gross written premium grew by 6.8 per cent to Dh4.01 billion against Dh3.75 billion in the previous year.
“In a time of so much uncertainty, ADNIC delivered a strong performance and sustained growth across key metrics. ADNIC demonstrated strength throughout the year and quickly adapted to a rapidly changing environment, enabling us to support our customers, employees and communities in navigating unprecedented times,” said Ahmad Idris, CEO of ADNIC.
General and administrative expenses excluding provision for doubtful debts for the twelve-month period ended December 31, 2020 decreased by 5.3 per cent to Dh231.7 million compared to Dh244.6 million in 2019, reflecting improvement in the overall operational efficiency.
Total investment income for the year (including other comprehensive income) was down by Dh65.97 million compared to 2019 as a result of the market volatility experienced in the first quarter.
