Abu Dhabi National Insurance Company, ADNIC, today reported its financial results for the first quarter ended 31st March 2019. ADNIC achieved significant gross written premium growth by 42.8 percent to AED1.74 billion, compared to AED1.22 billion for the same period in 2018. ADNIC’s net profit reached AED52.6 million
ABU DHABI, (Pakistan Point News - 01st May, 2019) Abu Dhabi National Insurance Company, ADNIC, today reported its financial results for the first quarter ended 31st March 2019. ADNIC achieved significant gross written premium growth by 42.8 percent to AED1.74 billion, compared to AED1.22 billion for the same period in 2018. ADNIC’s net profit reached AED52.6 million.
Commenting on ADNIC’s performance, Sheikh Mohamed bin Saif Al-Nahyan, Chairman of ADNIC, said, "ADNIC has delivered significant gross written premium growth in the first quarter of 2019, leaving the company well positioned for further success in the year ahead. The net profit has been impacted by the performance of the consumer lines."
The overall premium retention ratio is 33 percent, compared to 52 percent for the same period in 2018. For Q1, ADNIC’s net underwriting profit is AED84.3 million, compared to AED115.5 million for the same period in 2018.
General and administrative expenses stood at AED64.0 million, compared to AED55.3 million for the same period in 2018. Net technical profit is AED20.4 million, against AED60.1 million for the same period in 2018.
ADNIC’s cash balances stood at AED 611.1 million, compared to AED854.6 million compared to last year figures.
Total investments including cash in time deposits, bank accounts and investment properties stood at AED 3.56 billion, while it was 3.75 billion during same period in 2018.
Total assets increased by 14.0 percent to AED8.27 billion, compared to AED7.25 billion last year.
Gross technical reserves increased by 21.8 percent to AED4.82 billion, compared to AED3.96 billion last year. ADNIC’s net investment and other income is AED 32.3 million, compared to AED35.0 million for the same period in 2018.
Net profit reached AED52.6 million, compared to AED95.2 million for the same period in 2018. Basic and diluted earnings per share is AED0.09 as a result of achieving a net profit of AED52.6 million, compared to basic and diluted earnings per share of AED0.17 resulting from a net profit of AED95.2 million for the same period last year.
The shareholders’ equity position is AED2.07 billion, compared to AED2.10 billion in 2018.
