UAE: ADNIC reports net profit of AED204.4 million in H1 2023

Abu Dhabi [UAE], August 11 (ANI/WAM): Abu Dhabi National Insurance Company (ADNIC) reported its financial results for the six-month period ended 30th June 2023, recording a net profit of AED204.4 million. 

Commenting on ADNIC’s performance, Sheikh Mohamed Bin Saif Al-Nahyan, Chairman of ADNIC, said, “ADNIC has had a strong start to the year with an Insurance Revenue of AED2.14 billion. As we continue to successfully unwind our dependence on heavily reinsured corporate programmes, our underwriting profitability continues to be robust with a combined ratio of 87.60 per cent and a net insurance service profit of AED178.1 million. The tailwind of higher interest rates and modified asset allocation positively impacted investment income, where our Total investment income for the period amounted to AED110.8 million.” 

“We continue to invest in technology and operational efficiency across our entire value chain. These investments in key areas will enable more cost-effective and faster policy servicing and have a positive impact on our operations and facilitate sustainable growth. By embracing cutting-edge technology and innovative solutions, we aim to enhance our customers’ experiences, increase efficiency, and remain adapted to market dynamics.”

“Sustainability is deeply ingrained in our core values, shaping the foundation of our business approach. We are currently revamping our strategy to steer the company towards a new era of sustainable practices that will benefit both our customers and the communities we serve substantially.”

Charalampos Mylonas, CEO of ADNIC, commented, “We were the first amongst our peers to successfully implement IFRS 17 Insurance Contracts (IFRS 17) as of 1 January 2023. This has led to substantial transformations in the accounting of insurance and reinsurance contracts and we remain well ahead of the curve in understanding the long-term business implications whilst we continue to graduate our operational rhythm towards this new order.

As we continue to navigate the evolving economic landscape in the second half of the year, our focus remains on continuing to invest in our core business lines and digital capabilities.”

He added, “Beyond our core business objectives, ADNIC continues to actively engage in community initiatives and support causes that are close to our hearts, both at home and abroad. In the past month alone, we have partnered with the Reach Campaign to support its efforts to combat neglected tropical diseases (NTDs), and with Emirates Nature-WWF for the third consecutive year to support their mission to build a future where people and nature can thrive.”