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ADNIC logs AED 284m net profits in 2019

ADNIC logs AED 284m net profits in 2019
ADNIC's net underwriting income rose to AED 393.147 million
ADNIC
ADNIC
-4.86% 3.33 -0.17

Abu Dhabi – Mubasher: The net profits of Abu Dhabi National Insurance Company (ADNIC) jumped by 20.7% to AED 284.250 million in 2019 from AED 235.644 million in 2018, according to the company’s consolidated financial statements for 2019.

ADNIC saw a 6.4% increase in net underwriting income to AED 393.147 million last year, versus AED 369.498 million in 2018, the company said in a statement to the Abu Dhabi Securities Exchange (ADX) on Tuesday.  

Meanwhile, the net earned premiums decreased to AED 1.290 billion in 2019, compared to AED 1.430 billion in 2018.

The earnings per share (EPS) stood at AED 0.50 in 2019 from AED 0.42 in the prior year.

The CEO of ADNIC, Ahmad Idris, said: “This performance is testament to the company’s unwavering commitment towards prudent underwriting of risks and sound investment portfolio management. The strength of our customer service proposition, technical excellence, product and service innovation and commitment to the community have yielded very good results year after year.”

It is noteworthy to mention that during the third quarter of 2019, the company’s net profits reached AED 75.813 million from AED 68.228 million in the same quarter of 2018.