Abu Dhabi Insurance profits jump by 133%


Abu Dhabi: The Gulf

The net profits of «Abu Dhabi National Insurance Company» reached 122.6 million dirhams, an increase of 133.1% compared to the same period last year, as a result of the continued momentum of business, and the effective measures taken by the company to continue the business along with the strength of the balance sheet.
During the first quarter of 2020, the company maintained its market share through various business channels, and the value of the written premiums increased to 1.87 billion dirhams, a growth of 7.7%. Maintaining the profitability of the business portfolio was also an important element, which led to a significant increase in the underwriting profit to 151.2 million dirhams, a growth of 79.4%, while the return on the stock was 0.22 dirhams per share, compared to 0.09 dirhams during the first quarter of 2019.
Fluctuations in the financial markets affected returns on investment to some extent, but this decline was less compared to the broader decline in the scope of the market. As the company expects financial markets to recover over time.
The company continues to maintain sufficient reserves for losses, as the total technical reserves at the end of the quarter amounted to 5.14 billion dirhams, and the value of cash balances and deposits by the end of the first quarter amounted to 727.4 million dirhams. The Abu Dhabi National Insurance Company’s budget remains supported by strong capital, as shareholders ’equity at the end of the first quarter amounted to 2.05 billion dirhams, and the total value of assets was 8.77 billion dirhams.
Sheikh Mohammed bin Saif bin Mohammed Al Nahyan, Chairman of the Abu Dhabi National Insurance Company, stressed that the current stage and the current circumstance and what it requires in order to face the challenge resulting from the “Covid 19” virus and contain its repercussions and reduce them, required that everyone be on the level of the required national responsibility, and that By supporting all governmental directions aimed at ensuring the health security of the community on the one hand, and maintaining the march of accomplishments and successes, works and providing services to community members on the other hand, and the conditions imposed by the circumstance in full adherence to the instructions issued by the official authorities, while working to continue providing all services to Workers according to the highest standards known about the company.
On his part, Ahmed Idris, CEO of Abu Dhabi National Insurance Company said: Our strong financial performance during this quarter reflects our ability to adapt to the challenges facing the market, the main strengths of the company, and the exceptional role of our employees in continuing to provide services to customers without stopping. The Abu Dhabi National Insurance Company has put a number of precautionary measures in place to ensure that the interests of all concerned are protected in response to the outbreak of the new Coruna virus (COFED-19), and has developed a comprehensive plan to ensure business continuity and provide services to customers without interruption, in conjunction with the optimization of all technical resources Available to us. Our customers remain our top priority.


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