ADNIC Reports Dh333.7 Million Net Profit for the First Nine Months of 2021

Press release
Published November 9th, 2021 - 06:04 GMT
ADNIC Reports Dh333.7 Million Net Profit for the First Nine Months of 2021
Abu Dhabi National Insurance Company - ADNIC
Highlights
 Abu Dhabi National Insurance Company reported its financial results for the nine-month period ended 30 September 2021 today.

Abu Dhabi National Insurance Company (ADNIC), one of the leading regional multi-line insurance providers for both corporates and individuals, reported its financial results for the nine-month period ended 30 September 2021 today.

Commenting on ADNIC’s performance, Sheikh Mohamed Bin Saif Al-Nahyan, Chairman of ADNIC, said: “Our net profit for the nine-month period grew 18% year-on-year, capitalising on the noticeable rebound in market conditions and economies as well as the strength of the company and its clear strategy. Our growing investment portfolio and our ability to retain and acquire new customers have been major contributing factors to this robust growth. As economies recover even further moving into the last quarter of the year, our future outlook remains positive, and we forecast growth both at the top and bottom line.”

“We continue to reap the benefits of our hard work. ADNIC has recently been assigned a financial strength rating of A (Excellent) and a long-term issuer credit rating of “a” (Excellent) with a stable outlook by ratings agency AM Best. The company continued to forge multiple business partnerships across the UAE, maintaining our position of being one of the UAE’s most trusted insurers. ADNIC will continue to capitalise on its financial strength and robust solvency. As economic recovery continues, the outlook for growth in top and bottom line is positive. ADNIC will continue to invest in technologies and digital capabilities to adapt to current and post-covid market conditions.”

“On behalf of the Board of Directors, I would like to extend our sincere gratitude for the guidance received by the UAE’s leadership and extend our sincere gratitude to His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister, and Ruler of Dubai, and His Highness Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces. I would also like to thank all our partners, stakeholders and employees and look forward to celebrating the UAE’s 50th anniversary as the country’s reliable insurer.”

Ahmad Idris, CEO of ADNIC, said: “ADNIC delivered a strong performance in the first nine months of 2021, demonstrating increased operational efficiency which resulted in increased competitiveness, contributing to a solid net profit and gains in key metrics such as gross written premium and investment income. Moving forward to the remainder of the year, we will continue to pursue new opportunities to deliver exceptional services to our customers, as well as contribute to numerous initiatives that have a positive impact on communities across the country to maintain our promise of being the UAE’s reliable insurer.”

Supporting the community during uncertain times

ADNIC has contributed AED 3 million to the Social Investment Fund, administrated by Ma’an to support the Abu Dhabi community in its most pressing social challenges. The company has supported more than five initiatives since the start of the year, alongside its ongoing partnerships with organisations across the UAE including the Mohammed bin Rashid Al Maktoum Foundation. The company also launched its wellness programme for employees to help support their mental, emotional and physical wellbeing.

Background Information

Abu Dhabi National Insurance Company - ADNIC

Abu Dhabi National Insurance Company (ADNIC) PJSC is a composite insurance partner with long-standing expertise in providing insurance products to individuals and corporates across the Middle East and North Africa (MENA) region. Founded in the United Arab Emirates (UAE) in 1972, ADNIC has a wide network of branches as well as sales and service centers across the country. ADNIC also has a representative office in London, under the name ADNIC International Ltd. ADNIC is a publicly listed company on Abu Dhabi Securities Exchange (ADX).
 

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