Abu Dhabi – Mubasher: Abu Dhabi National Insurance Co (ADNIC) posted a 90% year-on-year rise in profits during the first quarter of 2017, according to a statement.

Profits reached AED 74 million ($20.14 million) in Q1-17, compared to AED 39 million ($10.62 million) in Q1-16.

Gross written premiums amounted to AED 1.08 billion in Q1-17, up 1.9% from AED 1.06 billion for the same period in 2016.

Net underwriting income rose 46% to AED 97.6 million in the three-month period ended 31 March 2017, compared to AED 66.8 million in the prior-year period.

Net investment income and other income increased by 29% to AED 29.2 million in Q1-17, compared to AED 22.6 million for the same period in 2016.