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Adnic swings into profit in 2016

13/02/2017 05:52 AST

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 million for 2016 compared to a net loss of Dh334.5 million for 2015.

For the year 2016, Adnic's Gross Premium Written was Dh2.38 billion compared to Dh2.29 billion in 2015. The total assets of the company increased by 15.8% to Dh6.49 billion as on December 31st 2016, compared to Dh5.60 billion during the same period last year, according to the company.

Shaikh Mohammad Bin Saif Al Nahyan, Chairman of Adnic, said: "Adnic has sustained its profitability throughout 2016 with continued strong underwriting and net profit growth for the last quarter of this year. The realignment of Adnic's operational strategy has delivered positive results and has enabled the Company to report a strong financial performance."

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