Insurer Adnic doubles income for first quarter

11/05/2017 07:34 AST

Profit at Abu Dhabi National Insurance Company (Adnic) nearly doubled during the first quarter, even as premiums remained basically flat.

The insurer, the UAE's third-largest by gross written premiums, reported a net profit of Dh74 million for the three months to the end of March, 90 per cent higher than for the same period in 2016.

Gross written premiums for the quarter compared with the same period last year rose 2 per cent to Dh1.08 billion. Net underwriting profit, meanwhile, rose 46 per cent to Dh97.6m. Adnic returned to profit last year after shifting its focus away from low-margin price-based competition with other insurance providers, increasing premiums across its medical and motor portfolio.

"Our selective approach to underwriting has resulted in a modest increase in premium for the period, but has continued to boost the overall capitalisation of the company and the performance of our portfolio," said Ahmad Idris, Adnic's chief executive.

Listed insurers in the UAE reported a combined net income of Dh906m in 2016 compared with a Dh154m loss in 2015, according to S&P. The ratings agency noted, however, that much of the return to profit was due to an 85 per cent gain in investment income, rather than a growth in premiums.

Adnic shares are among the least liquid on the Abu Dhabi Securities Exchange, with no trades in the stock in more than a month. The company's stock has gained 16.3 per cent so far this year, compared with an average gain of just 0.8 per cent for Abu Dhabi's headline index.


The National

News

Adnic 9-month profit up 24pc to $47.5m

01/11/2017

Abu Dhabi National Insurance Company (Adnic), a top multi-line insurance provider, has posted a net profit of Dh178.5 million ($47.5 million) for the first nine months of the year, an increase of 24

Trade Arabia

ADNIC sustains profitability with 161 per cent increase in net profit

28/02/2017

ADNIC has sustained its profitability throughout the year 2016 with strong underwriting results and net technical profit. Net profit increased from AED 205 million for 2016, compared to a net loss of

Press Release

Adnic swings into profit in 2016

13/02/2017

Abu Dhabi National Insurance Company (Adnic) has swung into profit in 2016 after reporting a loss in the previous year, the company said in a statement. Adnic has reported a net profit of Dh205 milli

Gulfnews

Most Viewed Companies

Ticker Price Volume
ARABIANMILLS 59.20 625,755
NAYIFAT 13.94 229,739
ZAINKSA 10.82 1,868,409
LUMI 77.50 102,302
RIBL 24.84 6,676,931
A.OTHAIMMARKET 11.90 545,416
IHGS 4.20 344,581

Valuation

ADNIC Sector Market
P/E
Price/BookValue
Dividend Yield (%)

Momentum

Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg

Top Related Companies

Ticker Price Change
IHC 407.00 -5.90 (-1.43%)
FAB 13.58 -0.18 (-1.31%)
EMIRATESNBD 20.35 0.10 (0.49%)
DIB 6.28 0.08 (1.29%)
ADCB 8.68 0.00 (0.00%)

Recent News

EEC's capital optimization plan to shore up financial position and sustain growth: CEO

14/09/2024

RIYADH: Saudi master developer Emaar The Economic City's SR8.7 billion ($2.32 billion) capital optimization plan is a "strategic response" to its current financial challenges, according to its CEO. <

Saudi Gazette

Arabian Mills set final IPO price at $17.59 per share as CEO details growth vision

12/09/2024

Saudi wheat flour producer Arabian Mills for Food Products Co. has set its final initial public offering price at SR66 ($17.59) per share on the Tadawul main market. During the book-building proces

Arab News

SABIC-MCC joint venture starts output

04/05/2018

SABIC announced the successful completion of the pilot operation of the Methyl Methacrylate Monomer (MMA) and Poly Methyl Methacrylate (PMMA) plants and the commencement of commercial operations.

Saudi Gazette

S&P affirms QIB rating at A-

05/04/2018

Standard & Poor's (S&P) has affirmed QIB's Issuer Credit Rating at A-, Qatar's leading Islamic bank has said in a release. According to S&P, the major contributing factors strengthening QIB's rating

Gulf Times

Qatar National Bank seeks growth in Southeast Asia

05/04/2018

Qatar National Bank (QNB) aims to increase its profit by 5-8 percent this year and loans and investments by 10-12 percent, helped by expansion into faster-growing Southeast Asia markets, its CEO told

The Peninsula

logo

Financial Information Co.

(MITCO), P.O. Box 69410, Riyadh 11547, Saudi Arabia

GCC Markets

Mutual Funds

News

Investment Tools

Sector News

Screeners

Indices & Commodities

Downloads

Copyright ©2001 - 2024, Financial Information Co. All Rights Reserved.

Terms of Services | Privacy Policy | Advertise with us | Contact Us | Sitemap