Abu Dhabi – Mubasher: Abu Dhabi National Insurance Company (ADNIC) reported net profits worth AED 267.59 million in the first half (H1) of 2022, down 19.80% from AED 333.65 million in 9M-21.
Earnings per share (EPS) plummeted by 20.30% to AED 0.47 in the January-September 2022 period, compared to AED 0.59 during 9M-21, according to the financial results.
ADNIC reported negative net claims incurred at a value of AED 684.43 million in 9M-22, versus AED 665.01 million during the same period a year earlier.
The net written premiums (NWP) reached AED 1.25 billion in 9M-22, up from AED 1.08 billion in 9M-21.
During the third quarter (Q3) of 2022, the company’s profits shrank to AED 80.64 million from AED 84.99 million in Q3-21, while the EPS declined to AED 0.14 from AED 0.15.
The firm also posted negative net incurred claims worth AED 254.91 million during July-September 2022, compared to AED 237.55 million in the year-ago period.
Meanwhile, the NWP jumped to AED 222.68 million in Q3-22 from AED 169.94 million in Q3-21.
Ahmad Idris, CEO of ADNIC, commented: “As we near the end of 2022, our financial performance reflects ADNIC's ability to successfully navigate the changing market conditions which has enabled growth in both commercial and consumer lines.”
Idris noted: “In August, AM Best affirmed the financial strength rating of "A" and the long-term issuer credit rating of "a" of ADNIC with a stable outlook. ADNIC is also rated "A" with a stable outlook by Standard & Poors.”
In 6M-22, ADNIC generated AED 186.94 million in net profit, lower by 24.80% year-on-year (YoY) than AED 248.66 million.
