Abu Dhabi, UAE — Abu Dhabi National Insurance Company (ADNIC) reported a net profit of AED204.4 million for the first six months of 2023.
Sheikh Mohamed Bin Saif Al-Nahyan, Chairman of ADNIC, said the company’s insurance revenue reached AED2.14 billion and its underwriting profitability was robust with a combined ratio of 87.60 percent and a net insurance service profit of AED178.1 million.
“The tailwind of higher interest rates and modified asset allocation positively impacted investment income, where our total investment income for the period amounted to AED110.8 million,” he said.
“We continue to invest in technology and operational efficiency across our entire value chain. These investments in key areas will enable more cost-effective and faster policy servicing and have a positive impact on our operations and facilitate sustainable growth,” he added.
Charalampos Mylonas, CEO of ADNIC, commented, “We were the first amongst our peers to successfully implement IFRS 17 Insurance Contracts (IFRS 17) as of 1 January 2023. This has led to substantial transformations in the accounting of insurance and reinsurance contracts, and we remain well ahead of the curve in understanding the long-term business implications whilst we continue to graduate our operational rhythm towards this new order.”