ADNIC reaches net profit of AED204.4 million in H1 2023
Abu Dhabi National Insurance Company (ADNIC) has unveiled its financial results for the first half of 2023, showcasing a net profit of AED 204.4 million.
ADNIC Reports Strong Half-Year Financial Performance
Sheikh Mohamed Bin Saif Al-Nahyan, the company's chairman, emphasized ADNIC's strong start to the year, which was supported by an insurance revenue of AED 2.14 billion.
Steady Underwriting Profitability and Strategic Shift
ADNIC's strategic shift away from heavily reinsured corporate programs has yielded positive results, with a healthy underwriting profitability marked by a combined ratio of 87.60% and a net insurance service profit of AED 178.1 million. Higher interest rates and modified asset allocation contributed to favorable investment income, totaling AED 110.8 million for the period.
Innovative Technological Investments for Growth
However, ADNIC has made considerable investments in technology throughout its value chain with a focus on operational effectiveness and customer experience. These developments are anticipated to improve operations, streamline insurance servicing, and promote sustainable growth. ADNIC seeks to improve consumer experiences and successfully manage market dynamics by utilizing cutting-edge technology and creative solutions.
Paving the Way for Sustainability
Sustainability is a cornerstone of ADNIC's ethos, shaping the company's future trajectory. A revamped strategy is in the works, geared toward embedding sustainable practices that will yield substantial benefits for both customers and communities served.
Forward-Looking Initiatives and Strong Leadership
Charalampos Mylonas, CEO of ADNIC, highlighted the company's pioneering implementation of IFRS 17 Insurance Contracts, signaling ADNIC's adaptability and forward-looking approach. The company is steadfastly committed to investment in core business lines and digital capabilities to navigate the evolving economic landscape.
Community Engagement and Impact
Beyond financial achievements, ADNIC actively engages in community initiatives, championing causes aligned with its values. Recent partnerships include collaborating with the Reach Campaign to combat neglected tropical diseases and supporting Emirates Nature-WWF in their mission for a harmonious future between people and nature.
ADNIC's robust financial performance and strategic initiatives showcase its resilience and commitment to progress, setting the stage for continued growth and meaningful community contributions.