UAE insurer ADNIC to pay $62mln in cash dividends as business improves

UAE insurer ADNIC to pay $62mln in cash dividends as business improves

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Abu Dhabi National Insurance Company (ADNIC) will distribute 228 million dirhams ($62 million) in cash dividends as its business has improved on the back of economic recovery.

The payout, approved at the company's annual general assembly meeting, is equivalent to 40 percent of the share nominal

value (AED 0.40 per share), the insurer said in a statement to the Abu Dhabi Securities Exchange (ADX) on Wednesday.

ADNIC recorded a 25.6 percent increase in investment income for 2021, while net profit reached 401.8 million dirhams, up by 8.3 percent.

The company's market share also grew, with gross written premiums rising by 6.4 percent over the prior year.

Loss ratios in certain lines of ADNIC's business have also started to normalise, as the economic activity is gradually recovering to pre-pandemic levels.

(Writing by Cleofe Maceda; editing by Seban Scaria )