ADNIC Reports Dh150.5 Million Net Profit for the First Half of 2018

Press release
Published August 1st, 2018 - 07:05 GMT
Shaikh Mohamed Bin Saif Al-Nahyan, Chairman of ADNIC
Shaikh Mohamed Bin Saif Al-Nahyan, Chairman of ADNIC

Abu Dhabi National Insurance Company (ADNIC), one of the leading regional multi-line insurance providers for corporates and individuals, announced its financial results for the first halfof 2018today. ADNIC reported a net profit of AED 150.5 million for the period, up17.1%year-on-year.

Commenting on the strong results, Shaikh Mohamed Bin Saif Al-Nahyan, Chairman of ADNIC, said:“On behalf of the Board of Directors, I am pleased to report that ADNIC has delivered strong performance in the first half of 2018, reflecting solid growth throughout the second quarter as we continued to make good progress towards achieving our strategic objectives. ADNIC’s customers are at the heart of our strategy, and as we move into the second half of the year, we remain fully committed to delivering value for both our clients and shareholders, and to driving the sustainable growth of our business.”

Key Financial Highlights

Gross Written Premiums

For the six-month period ended 30 June 2018, ADNIC’s gross written premiums increased by 14.7% to AED 1.81 billion, compared to AED 1.58 billion for the same period in 2017.

Premium Retention

The overall premium retention ratio reached 53.2% for the six-month period ended 30 June 2018, compared to 43.7% for the same period in 2017. 

Net Underwriting Income

For the six-month period ended 30 June 2018, ADNIC’snet underwriting profit increased by 20.1% to AED 193.1 million, against AED 160.8 million for the same period in 2017.  

General and Administrative Expenses

General and administrative expenses for the six-month period ended 30 June 2018 stood at AED 112.3 million, compared to AED 94.5 million for the same period in 2017. 

Net Technical Profit

Net technical profit for the six-month period ended 30 June 2018 increased by 21.3% to AED 83.6 million, against AED 68.9 million for the same period in 2017.  

Net Investment Income

ADNIC’s net investment and other income increased by 12.1% to AED 69.7 million for the six-month period ended 30 June 2018, compared to AED 62.2 million for the same period in 2017.

Net Profit

For the six-month period ended 30 June 2018, net profit increased by 17.1% to AED 150.5 million, compared to AED 128.5 million for the same period in 2017.

Cash Balances

ADNIC’s cash balances increased by 8.4% to AED 764.9 million as at 30 June 2018, compared to AED 705.4 million as at 31 December 2017.

Investments

Total investments including cash in time deposits, bank accounts and investment properties increased by 3.3% to AED 3.50 billion as at 30 June 2018, compared to AED 3.39 billion as at 31December 2017.

Total Assets

Total assets increased by 11.5% to AED 7.47 billion as at 30 June 2018, compared to AED 6.70 billion as at 31December 2017.

Gross Technical Reserves

Gross technical reserves increased by 12.9% to AED 4.38 billion as at 30 June 2018, compared to AED 3.88 billion as at 31December 2017.

Shareholders’ Equity

Shareholders’ equity increased by 2.5% to AED 2.03 billion as at 30 June 2018, compared to AED 1.98 billion as at31 December 2017.

Basic and Diluted Earnings Per Share

Basic and diluted earnings per share increased by 17.4% to AED 0.27, compared to AED 0.23 for the same period last year.

Ahmad Idris, CEO of ADNIC said: “I’m pleased to report that ADNIC deliveredstrong growth in both net profit and gross written premiums for the first half of 2018. This performance is a testament to our sound underwriting strategy, financial strength and market-leading position. Moving to the remainder of the year, we are looking forward to continuing to leverage our innovative capabilities to meet the ever growingneeds of our clients and to achievesound return to our shareholders.”

Background Information

توقيف 41 شخصا في مظاهرات الجزائر

Published February 23rd, 2019 - 09:07 GMT
توقيف 41 شخصا في مظاهرات الجزائر
توقيف 41 شخصا في مظاهرات الجزائر

أعلنت المديرية العامة للأمن الوطني (الشرطة) الجزائرية، مساء الجمعة، توقيف 41 شخصا في مظاهرات شهدتها عدة مدن ضد ترشح الرئيس عبد العزيز بوتفليقة لولاية خامسة في انتخابات 18 أبريل/ نيسان القادم.

وأكدت إدارة الشرطة في بيان اطلعت عليه وكالة الاناضول أن عمليات التوقيف كانت بسبب “الإخلال بالنظام العام والاعتداء على القوة العامة وتحطيم الممتلكات” دون تقديم تفاصيل أكثر حول أماكن توقيف هؤلاء المتظاهرين.

والجمعة، استجاب آلاف المواطنين بعدة محافظات جزائرية، إلى دعوات للتظاهر تم تداولها عبر شبكات التواصل، ضد ترشح بوتفليقة (81 عاما) لولاية خامسة في انتخابات الرئاسة المقررة في 18 أبريل/ نيسان القادم.

واتسمت هذه المظاهرات بالسلمية في أغلب مناطق البلاد باستثناء حدوث مواجهات بين قوات مكافحة الشغب ومتظاهرين بوسط العاصمة خلال محاولتهم السير نحو القصر الرئاسي .

ووفق شهود عيان لجأت قوات الأمن إلى الغاز المسيل للدموع وتوقيف عدة أشخاص بعد تحذيرات للمتظاهرين وتعرضها للرشق بمقذوفات وحجارة قبل أن يتراجع المحتجون ويغادروا المكان.

وصبيحة اليوم نشر ناشطون معلومات عبر شبكات التواصل الاجتماعي حول توقيف عدد من زملائهم قبل بداية المظاهرات بالعاصمة.

وعلقت الرابطة الجزائرية للدفاع عن حقوق الإنسان (مستقلة) على بيان الشرطة بالمطالبة ب”الإفراج الفوري عن الموقوفين وان يتم احترام حق التظاهر سلميا” كما نشرت على صفحتها بموقع “فيسبوك”.

الأناضول


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