Dubai, UAE — Abu Dhabi National Insurance Company (ADNIC) has approved the distribution of 40 percent cash dividends of $62 million (AED228 million or AED0.40 per share) for 2022.
Sheikh Mohamed bin Saif Al Nahyan, Chairman of ADNIC, said, “Our robust financial performance is a direct result of our evolving business strategy, the dedication of our employees and the continued trust of our shareholders.”
(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.
Charalampos Mylonas, CEO of ADNIC, said that strong operating performance despite an increasingly challenging competitive landscape yielded a net profit of AED377.9 million.
“This reinforces ADNIC’s long-term commitment to continue delivering superior value to customers and shareholders,” he said.