ADNIC Net Profit Dives 36 Per Cent in 2008

ABU DHABI - The full-year net profit of Abu Dhabi National Insurance Company (ADNIC) fell 36 per cent to Dh210.268 million in 2008 from Dh330 million in previous year.

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By Staff Report

Published: Sun 15 Feb 2009, 1:10 AM

Last updated: Sun 5 Apr 2015, 9:35 PM

The revenues soared 17 per cent to Dh1.356 billion in 2008, up against Dh1.157 billion in the previous period.

The net retained premium grew by 35 per cent to Dh476. 26 million for the year against Dh352.206 million in 2007.

However, the net operating profit rose 11.76 per cent to 180.175 million from Dh161.215 million in previous year.

The assets of ADNIC shrank 8 per cent to Dh3.191 billion in 2008 from Dh3.480 billion in the previous period.

The earnings per share (EPS) reduced to Dh0.56 from Dh0.88 in previous year showing a decline of 36 per cent from the previous period.

ADNIC has continued efforts to expand the insurance services with its Specialist Healthcare Service through launching an international health coverage plan —SHIFA — that provides customers with access to an extensive world-wide network.

Abu Dhabi’s insurance giant last month underwent rebranding with a revitalised look and feel for its corporate identity. According to company officials, the changes will also help differentiate ADNIC from other insurance companies by clearly outlining its competitive advantages.

haseebhaider@khaleejtimes.com

Staff Report

Published: Sun 15 Feb 2009, 1:10 AM

Last updated: Sun 5 Apr 2015, 9:35 PM

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