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ADNIC sees lower profits at AED 187m in H1-22

ADNIC sees lower profits at AED 187m in H1-22
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Abu Dhabi – Mubasher: Abu Dhabi National Insurance Company (ADNIC) reported net profits worth AED 186.94 million in the first half (H1) of 2022, an annual plunge of 24.80% from AED 248.66 million.

The earnings per share (EPS) went down by 25% year-on-year (YoY) to AED 0.33 in H1-22, compared to AED 0.44, according to the income statements.

ADNIC registered net written premiums of AED 1.03 billion during the first six months (6M) of 2022, higher by 12.50% YoY than AED 915.78 million.

Meanwhile, the company’s net underwriting income declined by 9.40% to AED 253.92 million in H1-22, compared to AED 280.30 million in the year-ago period.  

During the second quarter (Q2) of 2022, the net profits fell to AED 102.29 million from AED 115.05 million in Q2-21. The EPS stood at AED 0.18 in the April-June 2022 period, versus AED 0.20 in Q2-21.

The net written premiums increased to AED 458.44 million in Q2-22 from AED 292.10 million in Q2-21, while the net incurred underwriting income jumped to AED 128.05 million from AED 103.12 million.

In January-March 2022, ADNIC witnessed a 36.60% drop in net profit to AED 84.65 million, compared to AED 133.61 million during the same period a year earlier.