Abu Dhabi, UAE – Abu Dhabi National Insurance Company (ADNIC) has reported a net profit of AED377.9 million ($103 million) for 2022.
The company’s gross written premiums increased by 20.1 percent to AED5.13 billion ($1.39 billion), compared to AED4.27 billion ($1.16 billion) for the same period in 2021.
ADNIC’s net underwriting income was AED490.9 million ($133 million), compared to AED491.9 million ($134 million) for the same period in 2021. Net technical profit was AED233.7 million ($64 million), compared to AED 257.6 million ($70.25 million) for the same period in 2021. ADNIC’s net investment and other income were AED144.2 million.
“The company has achieved outstanding top-line growth with gross written premiums growing by 20.1 percent to reach AED5.13 billion, which is a significant accomplishment and new milestone for the company,” Sheikh Mohamed bin Saif Al Nahyan, Chairman of ADNIC, said. “This achievement was driven by outstanding growth in the commercial division by 38.2 percent and maintaining the position in the consumer division despite being under significant price pressure and facing aggressive competition.”
The chairman added that the commercial division demonstrated solid underwriting performance despite aggressive growth, and its underwriting profit grew by 13.8 percent compared to the prior year.
“The consumer division performance has stabilised after returning to pre-pandemic levels and delivered solid results contributing 34 percent of the total company net underwriting income,” he highlighted.
Ahmad Idris, CEO of ADNIC, said: “Our achievements throughout the year are highlighted by solid performance across key metrics, including commercial lines profitability and growth in gross written premium.”
He added: “Sustainability and community engagement will continue to be a key priority for ADNIC in the coming years, especially with the UAE hosting the next United Nations Climate Change Conference, COP28. We will continue to be engaged in numerous initiatives that contribute to the betterment of society and help combat climate change.”