ADNIC reports surge in profits and robust growth for first quarter 2012

Abu Dhabi National Insurance Company (ADNIC), one of the leading insurance companies in the UAE, today announced its results for the first quarter of 2012. Boasting a growth in premium and profits during this period with sound performance in all of its key business areas, the company continues to deliver on its long term Perpetual Excellence Plan which aims to fortify its key pillars of sustainable profitable growth to preserve continued success. 

ADNIC’s gross written premium for the quarter ended as of 31 March 2012 grew by 5% to AED 735 million up from AED 700 million in the first quarter of 2011. The net technical Income increased 13% from AED 54 million to AED 61 million as of 31 March 2012. The net investment and other income for the quarter grew 7% year on year to AED 25 million up from AED 23 million in the same period in 2011 even during a challenging environment. The net profit achieved for the first quarter as of 31 March 2012 increased by 11% to AED 86 million compared to AED 78 million in the first quarter of 2011. 

Commenting on the strong and resilient performance, Walid Sidani, Chief Executive Officer at ADNIC, said: “As ADNIC approaches its 40^th anniversary in 2012, these solid first quarter results mark an excellent start in the company’s march towards Perpetual Excellence. Maintaining its position as one of the foremost insurance companies in the MENA region, ADNIC now has an Asset Base of AED 4 Billion.” 

Mr. Sidani highlighted “ADNIC’s strong financial performance and strategic vision have helped us achieve our financial and operational targets for the first quarter of 2012. The results demonstrate our continuous commitment to delivering profitability and sustainable value to our shareholders and partners. Our guidance from the 2011 year end results remains unchanged and we are committed to making further strategic progress in 2012.” 

He added, “A key driver of our growth has been our continued focus on the UAE market and expanding our network across the country to ensure customer outreach and quality service.  With this in mind, we will soon open a new office in the coming months, which will cater to our growing commercial and corporate business in Abu Dhabi and the Western Region.” 

ADNIC continues to maintain its strong financial rating in the “A” category. This rating category has been maintained for the past two years by two leading global financial rating agencies (S&P and AM Best).