Abu Dhabi National Insurance Company or ADNIC said its net profit increased by 18 percent to AED333.7 million ($90.86 million) in the nine-month period ended September 30, according to local reports.
ADNIC, while reporting its financial results, said it had seen a net profit of AED282.8 million ($77 million) for the same period in 2020.
ADNIC’s gross written premium increased by 2.4 percent to AED3.24 billion ($882.23 million) compared to AED3.17 billion ($863.17 million) for the same period in 2020, the local reports said.
The company’s overall premium retention ratio is said to have reached 33.5 percent for the nine months in comparison with 32.7 percent for the same period last year.
ADNIC’s underwriting income in the nine months stood at AED388.8 million ($105.87 million), against AED394.7 million ($107.47 million) for the same period in 2020.
Net Technical Profit for the nine months increased by 3.9 percent to AED209.8 million ($57.13 million), against AED201.8 million ($54.95 million) for the same period in 2020.
During the nine months, ADNIC’s net investment income increased by 48 percent to AED125.8 million ($35.25 million) compared to AED85 million ($23.14 million) for the same period in 2020.
General and administrative expenses for the third quarter ended 30th September 2021 stood at AED181.0 million ($49.29 million), compared to AED196.9 million ($53.61 million) for the same period in 2020.
ADNIC Chairman Sheikh Mohamed bin Saif Al Nahyan was quoted as saying about the report that the net profits grew 18 percent year-on-year, “capitalizing on the noticeable rebound in market conditions and economies as well as the strength of the company and its clear strategy.”
He added: “As economies recover even further moving into the last quarter of the year, our future outlook remains positive, and we forecast growth both at the top and bottom line.”