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Abu Dhabi National Insurance Company (ADNIC) has announced its financial results for the first half of 2022, with a net profit of AED186.9 million.
Sheikh Mohamed bin Saif Al-Nahyan, Chairman of ADNIC, said: “In the face of challenging global economic conditions, ADNIC continues to deliver solid performance. As we enter the second half of the year, we are optimistic about the future prospects. We will continue to invest in the latest technology, To meet current and future market needs and meet the aspirations of the UAE government.”
The company had a strong second quarter, with gross premiums rising 20.9% to AED3.23 billion.
Loss rates were broadly stable despite pricing pressure on some product lines. As a result, net underwriting income for the first half of the year was AED253.9 million, an increase of 24.2%.
“Investment income has been impacted by high market cap volatility across multiple asset classes, with most major assets down between 10% and 20% year-to-date. Although the implementation of IFRS 17 and investments in new technologies and capabilities, etc. Regulatory costs continue to increase, but our expense management remains strong, with expense growth lower than premium growth,” explained the ADNIC Chairman.
Abu Dhabi National Insurance’s total premiums increased by 20.9% to AED3.23 billion in the first half of 2022, compared to AED2.67 billion in the same period in 2021. Meanwhile, the overall premium retention rate was 31.9% compared to 34.3% in the same period in 2021.
The company’s net underwriting income was AED253.9 million, compared to AED280.3 million in 2021.
Administrative expenses were AED 129 million compared to AED 118.9 million in the same period last year. Net technical profit was AED124.9 million compared to AED161.4 million in 2021.
ADNIC’s net investment and other income was AED62 million compared to AED87.3 million last year.
Ahmad Idris, CEO of ADNIC, said: “We will continue to work closely with all stakeholders on various initiatives in areas such as Emiratisation, health and wellbeing, climate change and giving back to local communities Over the past few months, we have renewed our partnerships with several CSR initiatives and the Emirates Natural World Wildlife Fund, developed a UAE national talent programme called “Emkanati”, and deployed us to our clients health and wellness app “LiveWell”.
“As 2022 marks the company’s 50th anniversary, we will continue to engage in initiatives that help improve society and support various strategic projects in the UAE as both ADNIC and the country embark on a journey into the next 50 years.”
In recent news, Quarterly Economic Review The UAE’s insurance sector has seen growth, with an increase in the number of policies, gross premiums and the number of licensed insurance-related entities, according to a report released by the Central Bank of the UAE (CBUAE) for the first quarter of 2022.
read: Insurance sector total investment assets up 5.4% to AED77.8 billion in Q1 2022: CBUAE
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