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ADNIC generates AED 53m profit in Q1

ADNIC generates AED 53m profit in Q1
ADNIC’s net investment and other income recorded AED 32.3 million in Q1-19
ADNIC
ADNIC
0.15% 6.50 0.01

UAE – Mubasher: Abu Dhabi National Insurance Company (ADNIC), one of the leading regional multi-line insurance providers, posted a drop in its profits for the first quarter of 2019.

Net profits stood at AED 52.6 million in Q1-19, compared to AED 95.2 million in Q1-18, ADNIC said in a statement on Wednesday.

“The net profit has been impacted by the performance of the consumer lines. As we move into the second quarter, ADNIC will continue leveraging its scale, expertise and competitive advantage to focus on increasing profitability, consolidating its position as one of the leading regional multi-line insurance providers for corporates and individuals, and creating sustainable value for stakeholders while increasing customer satisfaction and retention,” Sheikh Mohamed Bin Saif Al-Nahyan, chairman of ADNIC, commented.

ADNIC’s net investment and other income recorded AED 32.3 million by the end of March, against AED 35 million in the same period of a year earlier.

Meanwhile, total assets jumped 14% to AED 8.27 billion during the first three months of 2019, from AED 7.25 billion in Q1-18.

“ADNIC’s performance is testament to the strength of our customer service proposition, technical excellence, product and service innovation and commitment to the community,” Ahmed Idris, CEO of ADNIC, added.