By: Ramy Sameeh

Abu Dhabi-Mubasher: Abu Dhabi National Insurance (ADNIC) is expecting a growth between 10% and 11% in profits of the fiscal year 2016, said chief officer of the underwriting and strategic accounts management, Tariq Zietoun.

“We succeeded in achieving a strong growth in profits of the first quarter,” the top official told Mubasher on the sidelines of a press conference on Wednesday.

ADNIC’s profits surged 670% to AED 39 million ($10.6 million) in Q1-16, from AED 5.1 million ($1.38 million) in Q1-15.

He clarified that the increase in earnings will be backed by the correction procedures followed in 2015, and by creating new services and products.

Zietoun expected insurance companies in the UAE to achieve a growth in profits despite the tough economic conditions across the world. He clarified that these expectations are based on the legislations recently stated by the UAE Insurance Authority.

“The insurance sector was strongly affected by falling oil prices. However, it is still the least impacted sector,” the chief officer added.

ADNIC has no current plans for issuing bonds or executing acquisitions until the end of 2016, Zietoun said, noting that the company is always seeking expansions as well as promoting its financial entity.

He clarified that the UAE company has strong liquidity and good credit rating which will be able to face any future requirements.

By: Ingy ElSafy