UAE - Adnic reports 11.1% profit growth in Q3 2019
Wednesday, 10 30 2019, Category: Insurance and Reinsurance, Country: U.A.E
Abu Dhabi National Insurance Company (Adnic), has announced its financial results for the period ending September 30, 2019, with an 11.1 per cent net profit growth during Q3 2019 compared to the same quarter last year.
Net profit stood at Dh194.4 million, compared to Dh218.8 million for the same period in 2018. Adnic's gross written premiums increased by 34 per cent to Dh2.98 billion, compared to Dh2.23 billion for the same period in 2018. The overall premium retention ratio is 30.8 per cent for the nine-month period, compared to 51 per cent for the same period in 2018. Adnic's net underwriting profit is Dh274.1 million, against Dh304.7 million for the same period in 2018. Net technical profit for the nine-month period ended September 30, 2019 is Dh89.5 million, against Dh129.2 million for the same period in 2018.
Adnic's cash balances increased by 4.5 per cent to Dh893.1 million, while total investments including cash in time deposits, bank accounts and investment properties increased by 3.7 per cent to Dh3.88 billion. Total assets increased by 8.4 per cent to Dh7.86 billion.
Source: Khaleej Times