Home » ADNIC reports full year 2022 net profit of AED377.9 million

ADNIC reports full year 2022 net profit of AED377.9 million

by Dubaiforum

ABU DHABI, 14th February, 2023 (WAM) — Abu Dhabi National Insurance Company (ADNIC) has reported its financial results for the full year ended 31st December 2022, announcing a net profit of AED377.9 million.

The company reported gross written premiums increased by 20.1% to AED5.13 billion, compared to AED4.27 billion for the same period in 2021.

ADNIC’s net underwriting income was AED490.9 million, compared to AED491.9 million for the same period in 2021. Net technical profit was AED233.7 million, compared to AED 257.6 million for the same period in 2021. ADNIC’s net investment and other income were AED144.2 million.

Commenting on ADNIC’s performance, Sheikh Mohamed bin Saif Al Nahyan, Chairman of ADNIC, said, “The company has achieved outstanding top-line growth with gross written premiums growing by 20.1% to reach AED5.13 billion, which is a significant accomplishment and new milestone for the company. This achievement was driven by outstanding growth in the commercial division by 38.2 % and maintaining the position in the consumer division despite being under significant price pressure and facing aggressive competition.”

“The commercial division demonstrated solid underwriting performance despite aggressive growth, and our underwriting profit grew by 13.8% compared to the prior year. The consumer division performance has stabilised after returning to pre-pandemic levels and delivered solid results contributing 34% of the total Company net underwriting income.”

Ahmad Idris, CEO of ADNIC, stated, “Our achievements throughout the year are highlighted by solid performance across key metrics, including commercial lines profitability and growth in gross written premium.”

He added, “Sustainability and community engagement will continue to be a key priority for ADNIC in the coming years, especially with the UAE hosting the next United Nations Climate Change Conference, COP28. We will continue to be engaged in numerous initiatives that contribute to the betterment of society and help combat climate change.”

Rola AlGhoul/ Esraa Esmail

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