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Adnic suffers loss in H1

Abu Dhabi National Insurance Company, or Adnic, suffered a net loss of Dh299 million for the first half of 2015 against a net profit of Dh104 million in the same period last year.
The largest insurance company in Abu Dhabi's net investment income and other income dropped to Dh56 million for the first half of 2015 from Dh60 million for the same period last year.
Gross premium written reduced 9.4 per cent to Dh1.40 billion while overall premium retention ratio for the company increased to 51 per cent in the period.
Adnic reported a net underwriting loss of Dh248 million compared to a net underwriting profit of Dh149 million for the same period last year.
However, total investments including cash in time deposits, bank accounts and investment properties increased by two per cent to Dh2.784 billion as at June 30th 2015 slightly higher from Dh2.731billion as at December 31st 2014.
Total assets grew five per cent to Dh5.829 billion as at June 30th 2015. The company has conducted a comprehensive review of its technical reserves, which led to increase its reserves.
"Adnic will follow the appropriate reserving standards in a strict manner. The change in reserving policy has impacted our earnings for the period, causing a net loss," the company said.
- haseeb@khaleejtimes.com

• Abu Dhabi