ADNIC's Chairman Al-Nahyanby William Mullally
Abu Dhabi National Insurance Company (ADNIC) reported its financial results for the full year that ended on 31 December 2019.
ADNIC announced net profit up 20.7 per cent year-on-year to AED 284.3 million. Gross written premium increased by 29 per cent year-on-year to AED 3.76 billion and net technical profit increased by 1.6 per cent to AED 143.7 million. ADNIC’s performance in 2019 enabled the Board of Directors to recommend the distribution of a cash dividend of 30 fils per share.
“We are pleased to report Abu Dhabi National Insurance Company’s financial results for the year ended 31 December 2019. ADNIC recorded a robust set of financial metrics which are a testament to the company’s fundamental strengths and the commitment of its employees,” said Sheikh Mohamed Bin Saif Al-Nahyan, Chairman of ADNIC.
ADNIC increased its market share achieving a 29 per cent increase in GWP and growth in both consumer and commercial lines of business. ADNIC’s cost efficiency has increased over time and its administrative cost to GWP ratio went down to 6.7 per cent in 2019 compared to 7.9 per cent in 2018. ADNIC will continue to focus on continuously optimising its cost base, it said in a statement.
2019 also saw an increase in Net Underwriting Income to AED 393.2 million, an increase of 6.4 per cent compared to 2018. Investment returns in 2019 have been substantially higher and P&L investment income has gone up by 48.3 per cent to AED 142.2 million.
“The year 2019 marked another successful year for ADNIC, characterised by strong growth across key lines of business. This performance is testament to the company’s unwavering commitment towards prudent underwriting of risks and sound investment portfolio management. The strength of our customer service proposition, technical excellence, product and service innovation and commitment to the community have yielded very good results year after year,” Ahmad Idris, CEO of ADNIC, said.