Abu Dhabi National Insurance Company reports net profit of Dhs186.9m for H1 2022

Abu Dhabi National Insurance Company reports net profit of Dhs186.9m for H1 2022

Abu Dhabi National Insurance Company (ADNIC) has revealed its financial results for H1 2022, posting a net profit of Dhs186.9m. Sheikh Mohamed bin Saif Al-Nahyan, chairman of ADNIC, said, “ADNIC continued to deliver steady performance in the face of challenging global economic conditions. As we move into the second half of the year, we are optimistic about our future outlook. We will continue to invest in the latest technologies to adapt to current and future market needs, and meet the UAE’s government aspirations.” The company delivered a strong second quarter, with gross written premiums higher by 20.9 per cent to Dhs3.23bn. Loss ratios were broadly stable despite pricing pressures in certain lines. As a result, net underwriting income for the first half of the year was Dhs253.9m, an increase of 24.2 per cent. “Investment income was impacted by high mark to market volatility across several asset classes with most major asset classed down between 10 per cent and 20 per cent for the year to date. Our expense management continues to be strong and growth in expenses lower than premium growth, despite the continued cost from compliance such as IFRS 17 implementation and investments into new technologies and capabilities,” explained