Adnic, Abu Dhabi National Insurance Company, announces its net profit of Dh401.8 million for the fiscal year ending December 31, 2021, resulting in an 8.3 percent increase from the 2020 net profit of Dh371 million.
Adnic’s gross written premium increased by 6.4 percent to Dh4.27 billion for the year 2021, compared to Dh4.01 billion for the same period in 2020. The overall premium retention ratio is 37.9 percent for the year 2021, compared to 33.6 percent for the same period in 2020.
For the year 2021, Adnic’s underwriting income stood at Dh491.9 million, against Dh497.2 million for the year 2020. Net technical profit for the year 2021 increased by 0.4 percent to Dh262.9 million, against Dh261.8 million for the same period in 2020.
Adnic’s net investment income increased by 25.6 percent to Dh144.2 million for the year 2021 compared to Dh114.8 million in 2020.
Sheikh Mohamed bin Saif Al Nahyan, chairman of Adnic, said: “As we entered the second year of the pandemic, Adnic continued to adapt and adjust to the new environment to ensure uninterrupted services to its customers. At the same time, the company’s underwriting skills, particularly in large and complex business lines, as well as product improvements allowed it to further enhance its customer proposition and increase its presence in a number of product lines.”
He said that Adnic’s strong results in 2021 are a testament to the company’s core strengths in the insurance business. “Our market share continued to grow and the Gross Written Premium grew by 6.4 percent over the prior year. As the economic activity is gradually recovering to pre-pandemic levels, loss ratios in certain lines of business have also begun to normalize.”
Ahmad Idris, CEO of Adnic, said: “Despite continued uncertainties due to Covid-19 and an uneven global economic recovery, Adnic managed to adapt to the new normal and to launch various new initiatives to support the growth of its consumer segment. As a customer-centric company, we will continue to pursue our digital transformation journey across all customer channels and consumer lines products. We will continue to be engaged in numerous initiatives that contribute to the betterment of society from tackling environmental challenges to enhancing safety.”
Since 2021 was a milestone year for the UAE, regarding the Golden Jubliee and the new vision for the drive of the nation’s development over the next 50 years, as the national insurance company of the country, Adnic has taken a stand to support all strategic projects in the coming years, said Ahmad Idris. Thus, Adnic has agreed to be in partnership with Al Bayt Mitwahid Association to support the various community welfare initiatives as a step forward to fulfill UAE’s new vision.
