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ADNIC Net Profit Plummets in 2009
ABU DHABI — The net profit of Abu Dhabi National Insurance Company (ADNIC) plunged in 2009, even though the state-run insurance company reported growth in its core businesses.
Despite a difficult first half of 2009 as a result of a significant investment impediment, ADNIC was able to achieve a net profit of Dh52 million for the full year of 2009. The company earned a net profit of Dh210 million in 2008.
The government-owned company has conformed to fundamental International Financial Reporting Standards (IFRS) requirements by accounting for the full amount of impairments on available for sale investments amounting to Dh307 million in the early part of 2009.
The insurance company reported a premium growth of 14.3 per cent reaching Dh1.55 billion in gross premium written against Dh1.36 billion in 2008 by expanding its consumer product suite and distribution network. “This underwriting effort coupled with sustained support from brokers and partners resulted in a customer retention ratio of 94 per cent for large strategic clients,” the company said in its earnings report.
The insurance company’s drive to steadily increase its risk retention capability as part of its enhanced risk appetite has further contributed to net underwriting income growth up 30 per cent.
Shareholder equity increased to Dh2.03 billion as at December 31 2009 versus Dh1.80 billion in the corresponding period, and this 12.8 per cent growth is consistent with what the ADNIC said its corporate objectives and market expectations.
ADNIC’s liquidity position remains extremely strong with no loans or borrowings on its balance sheet and a cash surplus of over Dh1.2 billion as at December 31 2009.
ADNIC Chief Executive Officer Walid Sidani said that year 2010 offers big opportunities to expand its reach by exploring alternative products and distribution channels.
“We remain focused on achieving our “Accelerated Evolution Plan 2010-2012” by maintaining the inertia we consider crucial in realising the aggressive and profitable growth expected through our strategic business plan,” he said.
The ADNIC board has recommended a dividend of 25 per cent for the financial year.
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