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Abu Dhabi National Insurance Company (Adnic), a leading regional multi-line insurance provider, posted a first quarter (Q1) net profit growth of 17.2% to AED99.7 million (US$27.15 million), driven by strong Underwriting and investing. This compares to AED 85 million for the same period in 2022.
Adnic’s net insurance services performance was AED 94.1 million for the three months ended March 31, 2023, compared to AED 98.3 million for the same period in 2022.
Adnic’s net investment income rose by 94% to AED 46.3 million, compared to AED 23.9 million in the same period in 2022.
Operating expenses
Other operating expenses amounted to AED 42.7 million, compared to AED 38.9 million in the same period in 2022.
Effective 1 January 2023, the insurer has successfully implemented IFRS 17 Contracts of Insurance (IFRS 17), which supersedes IFRS 4 Contracts of Insurance (IFRS 4) and any corresponding amendments to other standards.Ton
The adoption of these standards has brought about major changes in the accounting for insurance and reinsurance contracts. Therefore, Adnic has restated the specific comparative figures for the previous year according to the new criteria.
Investment focus areas
Commenting on Adnic’s results, Adnic Chairman Sheikh Mohamed Bin Saif Al-Nahyan said: “Adnic’s first quarter Achieved net profit growth.
“We continue to invest in key areas that impact our operations and enable sustainable growth. We transform operations by using cutting-edge technology and innovative solutions designed to improve customer experience, increase efficiency and enable us to better adapt to market changes. We are committed to leveraging the latest advancements to better serve our customers, and we firmly believe our investments in digitization and innovation will ensure our continued success and help us maintain our position as an industry leader.”
“Sustainability has long been a core operating pillar of ours, and we have made significant strides in making a positive impact on the environment and society. Our commitment to sustainability drives us to implement innovative solutions and adopt best practices, resulting in Bringing tangible benefits to the communities we serve.”
core competitiveness
Charalampos Mylonas, Chief Executive Officer of Adnic, said: “During the first quarter, we continued to effectively leverage our core competencies in a consistent and systematic manner. With a strong and broad capital base, a substantial surplus solvency ratio, excellent core underwriting capabilities, a robust corporate risk management framework, and market-leading outbound reinsurance arrangements, Adnic has successfully reduced its relative exposure to highly reinsured corporate insurance programs and focused on maintaining and growing a portfolio with strong underwriting income contribution potential.”
He added: “Our investment performance improved significantly in the quarter compared to the same period last year, mainly due to a change in our asset allocation approach. Stable dividend income and portfolio mark-to-market gains also contributed to the overall performance. made a positive contribution.” — trade arab news agency
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