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ADNIC's net profits hike 133% in Q1-20

ADNIC's net profits hike 133% in Q1-20
The company witnessed a 79.4% rise in net underwriting income
ADNIC
ADNIC
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Abu Dhabi – Mubasher: The net profits of Abu Dhabi National Insurance Company (ADNIC) hiked by 133.1% to AED 122.6 million during the first quarter (Q1) of 2020 from AED 52.6 million in the same quarter of 2019.

The company witnessed a 79.4% rise in net underwriting income to AED 151.2 million in the January-March period from AED 84.3 million in the same period of the previous year, according to the company's consolidated financial results for the period ended on 31 March 2020.

The net earned premium reached AED 346.48 million in Q1-20, compared to AED 340.22 million in Q1-19.

The basic and diluted earnings per share (EPS) stood at AED 0.22 in the first three months of 2020 from AED 0.09 in the corresponding period of 2019.

It is noteworthy to mention in 2019, the company's net profits jumped by 20.7% to AED 284.250 million from AED 235.644 million in 2018.