Abu Dhabi, UAE— Abu Dhabi National Insurance Company (ADNIC) reported a net profit of AED267.6 million ($72 million), net technical profit of AED173.8 million, and net investment and other income of AED93.8 million for the first nine months of 2022.
Sheikh Mohamed bin Saif Al-Nahyan, Chairman of ADNIC, said ADNIC’s gross written premiums growing by 32.4 percent to AED4.29 billion.
“The performance was driven by robust growth in the commercial division of 50.7 percent, and stable growth in consumer lines of 10 percent despite pricing pressure and strong competition,” he said.
Ahmad Idris, CEO of ADNIC, said, ” Our hard work is reflected by various recognitions and ratings assigned to the company in the past period. AM Best affirmed the Financial Strength Rating of “A” (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of ADNIC with a stable outlook. ADNIC is also rated “A” with stable outlook by Standard & Poor’s.”