Abu Dhabi National Insurance Company (Adnic) reported its financial results for the full year ended December 31, 2021, with net profit increasing by 8.3 per cent to Dh401.8 million, compared to a net profit of Dh371 million in 2020.
Adnic’s gross written premium increased by 6.4 per cent to Dh4.27 billion for the year 2021, compared to Dh4.01 billion for the same period in 2020. The overall premium retention ratio is 37.9 per cent for the year 2021, compared to 33.6 per cent for the same period in 2020.
For the year 2021, Adnic’s underwriting income stood at Dh491.9 million, against Dh497.2 million for the year 2020. Net technical profit for the year 2021 increased by 0.4 per cent to Dh262.9 million, against Dh261.8 million for the same period in 2020.
Adnic’s net investment income increased by 25.6 per cent to Dh144.2 million for the year 2021 compared to Dh114.8 million in 2020.
Sheikh Mohamed bin Saif Al Nahyan, chairman of Adnic, said: "As we entered the second year of the pandemic, Adnic continued to adapt and adjust to the new environment to ensure uninterrupted services to its customers. At the same time, the company’s underwriting skills, particularly in large and complex business lines, as well as product improvements allowed it to further enhance its customer proposition and increase its presence in a number of product lines."
He said that Adnic's strong results in 2021 are a testament to the company’s core strengths in the insurance business. "Our market share continued to grow and the Gross Written Premium grew by 6.4 per cent over the prior year. As the economic activity is gradually recovering to pre-pandemic levels, loss ratios in certain lines of business have also begun to normalize."
Ahmad Idris, CEO of Adnic, said: "Despite continued uncertainties due to Covid-19 and an uneven global economic recovery, Adnic managed to adapt to the new normal and to launch various new initiatives to support the growth of its consumer segment. As a customer centric company, we will continue to pursue our digital transformation journey across all customer channels and consumer lines products. We will continue to be engaged in numerous initiatives that contribute to the betterment of society from tackling environmental challenges to enhancing safety."
He added: "2021 was a milestone year for the UAE, marking the Golden Jubilee and the launch of a new vision that will drive the nation’s development over the coming 50 years. As a UAE national insurance company for nearly half a century, we look forward to supporting the UAE’s strategic projects as it begins the journey towards the next 50 years. "
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