By Ramy Samih

Abu Dhabi – Mubasher:   Abu Dhabi National Insurance Company (ADNIC) is seeking to turn to profit in the year 2015, announced CEO Ahmed Idris on Tuesday.

The Abu Dhabi-based insurer earlier logged AED 280 million in losses for 2014, against AED 156 million in profits a year earlier.

The company’s shareholders approved on Tuesday the transfer of AED 300 million from general reserves to retained earnings.

They also endorsed the financial statements, as well as the board’s report, for the fiscal year 2014.

"Despite significant challenges in 2014, ADNIC was able to make progress on a number of fronts that have positioned the company well for future growth,” said chairman Khalifa Al-Kindi.

“The board of directors supports management's plans for 2015 and beyond to deliver shareholder value, as well as key operational, commercial and strategic improvements."

Translated by Sayed Abdel Rahman