Shaikh Mohamed bin Saif Al Nahyan, chairman of Adnic
ABU DHABI - Adnic net underwriting profit increased by 134 per cent in the quarter to Dh66.8 million.
Abu Dhabi National Insurance Company or Adnic's net profit rose by 670 per cent to Dh39 million during the first quarter. The company's net investment income contributed 22.5 million towards the bottom-line profit whereas the net technical profit contributed Dh16.5 million.
Adnic's gross premium written was Dh1.06 billion in quarter showing a flat growth.The overall premium retention ratio for the company reached 45.2 per cent in the period compared to 47.7 per cent for the same period in 2015.
Adnic net underwriting profit increased by 134 per cent in the quarter to Dh66.8 million.
Net investment and other income was Dh22.5 million for the three month period ended March 31st 2016 down from Dh25.9 million in the same period last year. Cash and cash equivalents plunged to Dh595.4 million as at March 31st 2016 down from Dh667.2 million as at 31 December, 2015. Total company investments stood at Dh2.662 billion down from Dh2.741 billion as at December 31st 2015.
The total assets of the company increased by 13 per cent to Dh6.333 billion as at 31st March 2016, compared to Dh5.603 billion as at December 31st 2015. Commenting on the results, Shaikh Mohamed bin Saif Al Nahyan, chairman of Adnic, said: "Adnic has started the year on a strong note with growth in net underwriting income and an overall net profit, driven by corrective measures implemented by the management of the company over the past year."
"Adnic's strategy of selective underwriting combined with an unwavering customer service commitment and product development focus has enabled us to achieve a profitable quarter at the start of 2016," said Ahmad Idris, chief executive officer of Adnic. "Over the past year, the company has undertaken a series of initiatives, which has now set the foundation for Adnic to return to its traditional levels of profitability, with greater adaptability and stronger customer relationships." - email@example.com