Abu Dhabi – Mubasher: Abu Dhabi National Insurance Company (ADNIC) on Wednesday reported a 1.7% year-on-year increase in its profits for the second quarter of 2018.

Net profits amounted to AED 55.4 million in Q2-18, compared to AED 54.5 million in Q2-17, according to the company’s statement to Abu Dhabi Securities Exchange (ADX).

In the first half of 2018, ADNIC’s profits hiked 17.14% to AED 150.53 million, from AED 128.5 million in H1-17.

“Strong performance in the first half of 2018, reflecting solid growth throughout the second quarter as we continued to make good progress towards achieving our strategic objectives,” ADNIC’s chairman Sheikh Mohamed Bin Saif Al-Nahyan commented. 

The insurer's total investments, including cash in time deposits, bank accounts, and investment properties increased by 3.3% to AED 3.50 billion during the six-month period ended June.

The Abu Dhabi-based firm's total assets increased by 11.5% year-on-year to AED 7.47 billion in H1-18, the statement showed.  

“ADNIC's customers are at the heart of our strategy, and as we move into the second half of the year, we remain fully committed to delivering value for both our clients and shareholders and to driving the sustainable growth of our business,” Al-Nahyan added.