Adnic reports 11.1% growth in Q3 2019
Abu Dhabi National Insurance Company (Adnic), has announced its financial results for the period ending September 30, 2019, with an 11.1 per cent net profit growth during Q3 2019 compared to the same quarter last year.
Net profit stood at Dh194.4 million, compared to Dh218.8 million for the same period in 2018. Adnic's gross written premiums increased by 34 per cent to Dh2.98 billion, compared to Dh2.23 billion for the same period in 2018. The overall premium retention ratio is 30.8 per cent for the nine-month period, compared to 51 per cent for the same period in 2018. Adnic's net underwriting profit is Dh274.1 million, against Dh304.7 million for the same period in 2018. Net technical profit for the nine-month period ended September 30, 2019 is Dh89.5 million, against Dh129.2 million for the same period in 2018.
Adnic's cash balances increased by 4.5 per cent to Dh893.1 million, while total investments including cash in time deposits, bank accounts and investment properties increased by 3.7 per cent to Dh3.88 billion. Total assets increased by 8.4 per cent to Dh7.86 billion.
Sheikh Mohamed bin Saif Al-Nahyan, chairman of Adnic, said: "After a successful start to the year, Adnic continues to deliver consistent profitability with growth that outpaces the industry average, and remains focused on delivering its strategic objectives despite economic challenges. Adnic's top-line results for the first nine months of 2019 show strong growth in written premiums, which increased by more than a third compared to the same period last year. The company also delivered its second consecutive quarter of bottom-line growth, with net profit increasing by 11.1 per cent in the third quarter of 2019. Adnic's achievements were made possible by the deep support of our customers, partners and shareholders, as well as the exceptional contributions of our employees."
Ahmad Idris, CEO of Adnic, said: "Adnic delivered a solid top-line performance in the first nine months of 2019 with growth in underwritten premium, demonstrating the fundamental strength of the company as we continue to cement our position as one of the region's preferred insurers. Adnic's performance was driven by our sustained business momentum, strong balance sheet, and solid market position, which have combined to deliver strong performance and lay strong foundations for future growth. Additionally, our resilient business model and operating strategy have contributed to growth in profit, which will support our efforts to invest in further product innovation and enhanced customer service."