UAE - ADNIC reports AED189.7 million in H1 net profit

Abu Dhabi National Insurance Company (ADNIC) reported net profit of AED189.7 million for the first half ended 30 June 2020 today.

"Despite challenging market conditions, ADNIC delivered a resilient performance with sustained growth across key metrics and recorded a net profit of AED 189.7 million for the six-month period ended 30 June 2020, a 59.9% increase compared to the same period last year. ADNIC’s performance was driven by effective business continuity measures allied to a strong balance sheet and solid market position," the company said in a statement today.

Commenting on ADNIC’s performance, Sheikh Mohamed Bin Saif Al-Nahyan, Chairman of ADNIC, said: "The impact of the COVID-19 pandemic is an evolving situation and ADNIC will continue to monitor the impact on its business closely and take decisive action as required to support its customers and partners. As a testament to our financial strength, experience and commitment to high level of service delivery, our GWP for the first six months of the year was up by 9.1% to AED 2.56 billion. Particularly strong gains were achieved in the commercial lines with GWP increasing by 17.1%. Despite challenging market conditions, specifically for consumer lines, GWP was maintained almost at the same level as the previous year."


Source: Emirates News Agency