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Adnic posts Dh122.6m net profit for Q1, 2020

Abu Dhabi National Insurance Company (Adnic) has reported its financial results for the first quarter ended March 31, 2020, with net profit standing at Dh122.6 million, a 133.1 per cent increase compared to the same quarter last year.
Adnic's performance was driven by ongoing commercial momentum and effective business continuity measures allied to a strong balance sheet and solid market position.
Adnic's gross written premiums increased by 7.7 per cent to Dh1.87 billion, compared to Dh1.74 billion for the same period in 2019. The overall premium retention ratio is 32 per cent for the first quarter ended March 31, 2020, compared to 33 per cent for the same period in 2019. Adnic's net underwriting profit increased by 79.4 per cent to Dh151.2 million, against Dh84.3 million for the same period in 2019.  
Sheikh Mohamed Bin Saif Al-Nahyan, chairman of Adnic, said: "Adnic reported a robust set of numbers and achieved growth in both top-line as well as profitability. Adnic also added its full support to the UAE's comprehensive response measures in the fight against Covid-19. Like other businesses, Adnic also faced the challenges of the Covid-19 global pandemic and the disruptions caused to daily life. The company faced up to these challenges and managed to reorganise its infrastructure to support its customers. As the pandemic develops the company will take proactive steps to ensure minimal disruption to business as well as continuous support to our customers and stakeholders."
Adnic's general and administrative expenses for the first quarter ended March 31, 2020 stood at Dh63.6 million, compared to Dh64.0 million for the same period in 2019. Net technical profit for the first quarter increased by 336.8 per cent to Dh89.1 million, against Dh20.4 million for the same period in 2019. Adnic's net investment and other income increased by 8.4 per cent to Dh35.0 million for the first quarter of 2020, compared to Dh32.3 million for the same period in 2019.
- business@khaleejtimes.com