Abu Dhabi National Insurance Company (ADNIC) has reported a net profit of AED186.9 million ($50 million) for the first half of 2022.
For the six-month period, ADNIC’s gross written premiums increased by 20.9 percent to AED3.23 billion, compared to AED2.67 billion for the same period in 2021. The overall premium retention ratio is 31.9 percent, compared to 34.3 percent for the same period in 2021, the company said.
The company’s net underwriting income stood at AED253.9 million, against AED280.3 million during 2021.
General and administrative expenses stood at AED129.0 million, compared to AED118.9 million for the same period last year. The net technical profit was AED124.9 million, against AED161.4 million in 2021.
ADNIC’s net investment and other income were AED62.0 million, compared to AED87.3 million last year.
Sheikh Mohamed bin Saif Al-Nahyan, Chairman of ADNIC, said, “ADNIC continued to deliver steady performance in the face of challenging global economic conditions. As we move into the second half of the year, we are optimistic about our future outlook. We will continue to invest in the latest technologies to adapt to current and future market needs, and meet the UAE’s government aspirations.”