DUBAI: Abu Dhabi National Insurance Company (ADNIC) reported that its net profit in the first half of 2021 increased by 31.1 percent to AED248.7 million, compared to the AED189.7 million for the same period in 2020.
A statement issued by the company, which is a multi-line insurance providers for both corporates and individuals, said that its performance was driven by its clear strategy, underwriting discipline, operational excellence and a diversified investment portfolio.
It said gross written premiums for the first half of 2021 increased by 4.2 percent to AED2.67 billion, compared to AED2.56 billion in the same period of 2020.
ADNIC’s overall premium retention ratio for the six-month period was 34.29 percent, compared to 34.26 percent for the same period in 2020. Net underwriting profit during H1 2021 increased by 1.5 percent to AED280.3 million, against AED276.3 million for the H1 2020.
ADNIC’s net investment and other income increased by 58.3 percent to AED87.3 million for the six-month period, compared to AED55.1 million for the same period in 2020.
Sheikh Mohamed bin Saif Al-Nahyan, Chairman of ADNIC, said, “Despite the challenges posed by the global pandemic and the disruptions caused to daily life, ADNIC continued to improve its capabilities and managed to emerge even stronger to provide uninterrupted support to its customers.”
Ahmad Idris, CEO of ADNIC, said the company’s consumer lines business performed particularly well, driven by its strong product offering, bancassurance presence and distribution and broker networks.