Abu Dhabi National Insurance Company has achieved 60% growth in first half 2020 profits to reach 189.7 million dirhams, compared to 118.6 million dirhams in the first half of 2019.
According to the Emirates News Agency, the company's financial statements showed that the growth in profits during the first half of this year came as a result of an increase in total written premiums by 9.1 percent, and a decrease in claims Incurred by 19 percent.
On the level of performance during the second quarter of this year, the company's profits increased by 1.6% to 67.1 million dirhams, compared to 66 million dirhams in the same period of 2019 .
The company achieved a net profit during the first quarter of 2020 of 122.6 million dirhams, compared to 52.6 million dirhams in the corresponding quarter of 2019.
The company confirmed in the Board of Directors report that it maintained its strong performance in various business channels, as net underwriting revenues increased by 67% during the first six months of the year to reach 276.3 million AED and the combined rate was 80.2% compared to 93.9% for the previous year.
investment income increased during the second quarter of the year, including other comprehensive income, by 74.7% compared to the corresponding quarter of the previous year.
The company maintained the strength of capital and solvency, and the total shareholders' equity remained stable at 2.19 billion dirhams in the second quarter of this year.
Sheikh Mohammed bin Saif Al Nahyan, Chairman of the Board of Directors of Abu Dhabi National Insurance Company, said: The company has been keen to monitor the developments of the pandemic as Covid 19 and its impact, and the company will continue to take all necessary measures to provide support For its employees and partners, and in an indication of the company's financial strength, experience and lasting commitment to providing the highest levels of service, the total written premiums increased by 9.1% to reach 2.56 billion dirhams.
He added that commercial insurance branches in particular witnessed strong gains, as the total written premiums for these businesses increased by 17.1%, despite the competitive market conditions that particularly affected On individuals ’insurance branches, however, the total written premiums of these branches have maintained the rates they achieved in the past year.
He continued: Abu Dhabi National Insurance Company maintained a strong performance in various business channels, with net underwriting revenue increasing by 67.0% during the first six months to 276.3 million .. .
