Profits up 60 per cent to Dh189.7 million despite having to battle the COVID-19 pandemic, Abu Dhabi National Insurance had announced. Gross premiums (GWP) were up 9.1 per cent to Dh2.56 billion, with net premiums came in at Dh877 million, a 14.8 per cent year-on-year increase. The insurer’s premium retention ratio reached 34.3 per cent during this period, from 32.6 per cent. It was on investment income that ADNIC took a hit, down 30 per cent to Dh55.1 million compared to 79.1 million, brought on by market volatility arising from the pandemic.
Strong gains were achieved in the commercial lines. Despite challenging market conditions, specifically for consumer lines, gross written premium was maintained almost at the same level as the previous year.