UAE - ADNIC reports AED189.7 million in H1 net profit
Friday, 08 07 2020, Category: Insurance and Reinsurance, Country: U.A.E
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