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ADNIC's profits decline 37% in Q1-22

ADNIC's profits decline 37% in Q1-22
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-0.47% 6.34 -0.03

Abu Dhabi – Mubasher: The net profits of Abu Dhabi National Insurance Company (ADNIC) retreated by 36.6% year-on-year (YoY) to AED 84.65 million in the first quarter (Q1) of 2022 from AED 133.61 million, according to the company's unaudited consolidated interim financials for the three-month period ended 31 March 2022.

The company's net underwriting income reached AED 125.87 million in Q1-22, down from AED 177.17 million in the year-ago period.

Meanwhile, ADNIC's net premiums written decreased to AED 572.20 million in the first three months (3M) of 2022 from AED 623.67 million in the corresponding period of 2021.

The earnings per share (EPS) settled at AED 0.15 in Q1-22, against AED 0.23 in Q1-21.

It is noteworthy to mention that in 2021, the net profits of ADNIC increased by 8.3% to AED 401.8 million, compared to AED 370.996 million in 2020.