Abu Dhabi insurer ADNIC’s H1-2022 net profit at Dh186.9m helped by gross premiums

Abu Dhabi insurer ADNIC’s H1-2022 net profit at Dh186.9m helped by gross premiums

Dubai: A 20.9 per cent increase in gross premiums fuelled Abu Dhabi National Insurance Company (ADNIC) to a net profit of Dh186.9 million for the first-half of 2022. Gross written premiums for the period was Dh3.23 billion, a gain on the Dh2.67 billion last year. Even then, profit came in lower than last year's Dh248.7 million, down nearly 25 per cent. But there was a drop in net underwriting income, from Dh280.3 million to Dh253.9 million, while net investment and other income was Dh62 million (Dh87.3 million in H1-2021). ADNIC maintains that net underwriting income ‘remains strong’ at a combined ratio of 82 per cent and reached D253.9 million ‘despite the ongoing price competition and restoration of consumer behavioral patterns at pre-pandemic level’. “ADNIC delivered a robust second quarter in terms of top-line growth; loss ratios were broadly stable despite pricing pressures in certain lines as well as normalised consumer behavior,” said Sheikh Mohamed Bin Saif Al-Nahyan, Chairman of ADNIC. “Net underwriting income for the first-half of the year was Dh253.9 million. The quarter-on-quarter growth in net underwriting income was 24.2per cent, due to a well-diversified book of business.” The Chairman said investment income was ‘impacted by high mark-to-market volatility