ADNIC Posts Q1 AED95.2 Million Net ProfitSource: www.export-egypt.com 5/1/2018, Location: Middle East |
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Abu Dhabi National Insurance Company (ADNIC) today announced AED95.2 million in net profits for Q1 2018.
Commenting on the strong financial performance, Sheikh Mohamed Bin Saif Al Nahyan, Chairman of ADNIC, said: "I am delighted that ADNIC’s performance continues to produce positive results. This represents a strong start to 2018. With customer service being the foundation of our growth, we are able to create solutions that deliver value for our customers and strengthen our sustainable business model.'' For the three-month period ending 31st March 2018, ADNIC’s Gross Written Premium increased by 13 percent to AED 1.22 billion compared to AED1.08 billion for the same period in 2017. The overall premium retention ratio reached 52 percent for the three-month period ended 31st March 2018 compared to 42 percent for the same period in 2017. Net underwriting profit increased by 18.3 percent to AED115.5 million, against a net underwriting profit of AED 97.6 million for the same period in 2017. Net technical profit increased by 32.8 percent to AED 61.5 million, against a net technical profit of AED 46.3 million for the same period in 2017. Total investments including cash in time deposits, bank accounts and investment properties stood at AED 3.29 billion as at 31st March 2018, compared to AED 3.39 billion as at December 31st 2017. The total assets increased by 14.4 percent to AED7.66 billion as at 31st March 2018, compared to AED6.70 billion as at December 31st 2017. The Shareholders’ equity position increased by 0.7 percent to AED1.99 billion as at 31st March 2018, compared to AED1.98 billion as at December 31st 2017. Basic and diluted earnings per share increased by 30.8 percent to AED 0.17 as a result of achieving a net profit of AED 95.2 million for the three-month period ending 31 March 2018 compared to basic and diluted earnings per share of AED 0.13 resulting from a net profit of AED 74.0 million for the same period last year. |
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