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ADNIC witnesses 60% higher net profits in H1-20

ADNIC witnesses 60% higher net profits in H1-20
The EPS settled at AED 0.33 in H1-20
ADNIC
ADNIC
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Abu Dhabi – Mubasher: The net profits of Abu Dhabi National Insurance Company (ADNIC) jumped by 59.9% to AED 189.7 million in the first six months of 2020, compared to AED 118.6 million in the corresponding period of 2019.

The company recorded a 67% increase in the net underwriting income to AED 276.3 million in the first half (H1) of 2020 from AED 165.4 million in the same half of 2019, according to the company's consolidated interim financial results for the period ended on 30 June 2020.

The net earned premium rose to AED 680.1 million in the January-June period of 2020, compared to AED 642.9 million in the year-ago period.

The basic and diluted earnings per share (EPS) settled at AED 0.33 in H1-20, versus AED 0.21 in H1-19.

It is noteworthy to mention that during the first quarter (Q1) of 2020, the company's net profits hiked by 133.1% to AED 122.6 million from AED 52.6 million in the same quarter of 2019.