UAE – ADNIC ins. reveals $33.3m net profit for Q1, 2020
Monday, 05 04 2020, Category: Insurance and Reinsurance, Country: U.A.E
Abu Dhabi National Insurance Company (ADNIC) has announced a AED122.6 million ($33.3m) net profit for the first quarter of the year, up 133.1 percent from Q1 2019 (AED52.6m), driven by ongoing commercial momentum and business continuity measures.
During Q1 2020, gross premiums increased by 7.7 percent on the previous year to AED1.87billion ($509m). While underwriting profits showed a substantial increase to AED151.2m ($41.2m), a growth of 79.4 percent over the previous year.
Ahmad Idris, CEO of ADNIC, 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.”
Source: Arabian Business