The Abu Dhabi National Insurance Company (Adnic) has reported its full year financial results for the year ended December 31, 2019, announcing a net profit up 20.7 percent year-on-year to Dh284.3 million ($77.4 million).

Gross written premium increased by 29 percent year-on-year to Dh3.76 billion and net technical profit increased by 1.6 percent to Dh143.7 million, reported Emirates news agency Wam, citing an Adnic press release.

Adnic’s performance in 2019 has enabled the Board of Directors to recommend the distribution of a cash dividend of 30 fils per share.

Sheikh Mohamed bin Saif Al Nahyan, chairman of Adnic, said: "We are pleased to report Abu Dhabi National Insurance Company’s financial results for the year ended 31st December 2019. Adnic recorded a robust set of financial metrics which are a testament to the company’s fundamental strengths and the commitment of its employees."

Ahmad Idris, CEO of Adnic, said, "The year 2019 marked another successful year for Adnic, characterised by strong growth across key lines of business. This performance is testament to the company’s unwavering commitment towards prudent underwriting of risks and sound investment portfolio management."