Adnic Q1 net profit grows over two-fold to $33.2m
ABU DHABI, May 3, 2020
Abu Dhabi National Insurance Company (Adnic) said it has delivered a solid performance and growth across key financial metrics for the first three months with a net profit of Dh122.6 million ($33.2 million), up 133.1 per cent over last year's figures of Dh52.6 million ($14.3 million).
Announcing its financial results for the first quarter ended March 31, 2020, Adnic said its performance was driven by ongoing commercial momentum and effective business continuity measures allied to a strong balance sheet and solid market position.
During the first three months, Adnic continued to capture market share across several business lines taking its gross premiums to Dh1.87 billion, up 7.7 per cent over the previous year.
Maintaining a profitable book of business is equally important and consequently underwriting profits showed a substantial increase to Dh151.2 million, a growth of 79.4 percent over the previous year, it stated.
On the solid results, Chairman Sheikh Mohamed bin Saif Al Nahyan said: "Adnic reported a robust set of numbers and achieved growth in both top-line as well as profitability. Adnic also added its full support to the UAE’s comprehensive response measures in the fight against Covid-19."
"Financial market volatility impacted investment returns somewhat, albeit at a much lower level compared to the broader market drawdown, Adnic noted, adding that given the ongoing COVID-19 situation, it has focused strongly on maintaining cost discipline," noted Al Nahyan.
As a result, earnings per share were Dh0.22 per share for the quarter compared to Dh0.09 per share in first quarter 2019, he added.
CEO Ahmad Idris said: "Our solid financial performance in the first quarter reflects our ability to adapt to challenging market conditions, the fundamental strength of the company and the exceptional contribution of our employees to provide uninterrupted service to customers."
"Adnic also continued to give back to the local community through our wide-ranging and long-standing CSR initiatives and activities. We made valuable contributions to the wider community by partnering with Ma’an Abu Dhabi towards the ‘Together We Are Good’ programme to support the UAE community in addressing the fight against the pandemic," stated Idris.
Adnic also contributed a Dh3 million donation to the Ma'an ‘Together We Are Good’ programme, he added.-TradeArabia News Service
