Abu Dhabi National Insurance (ADNIC)

Being the first state-owned insurance company established in Abu Dhabi, ADNIC has for a long time stood as a pioneer in the Gulf countries. In 1972, the company saw the light of day, just one year following the establishment of the federal State of the United Arab Emirates. This “historic legitimacy” has positioned ADNIC on all major national development projects, enabling it to be from the outset the privileged insurer of a giant local oil industry: Abu Dhabi National Oil Company (ADNOC), established in 1971.

40 years on, ADNIC is still standing among the best insurers of the Arab world, getting hold of leading positions in the different rankings created by Al Bayan magazine.

Out of the 300 Arab companies covered in 2011 by the Lebanese magazine, ADNIC has ranked 6th in terms of shareholder’s equity, 9th in terms of the premiums written and came 11th in the ranking established according to the profits generated.

Unlike the other regional companies, the 2008 financial crisis did not seem to have affected ADNIC which continues to exhibit excellent results. The only catch to this rosy picture: the figures of 2012 reported a decrease in the company’s margins accounted for partly by the fierce competition involving the Emirati insurers.

Khalifa Mohamed Al-Kindi Walid A. Sidani
Chairman of the boardChief executive officer

ADNIC in 2012

Share capital
102 093 750 USD
Turnover
625 954 000 USD
Total assets
1 124 172 794 USD
Shareholders’ equity
568 886 521 USD
Net technical result
76 011 000 USD
Net profit
39 405 465 USD
Net loss ratio
77.10%
Expenses ratio
14.49%
Combined ratio
91.59%
Number of branches and offices in UAE
17
Number of employees
479
Rating
A- (strong) by Standard & Poor’s
A (excellent) by A.M. Best

Management

Chairman of the board
Khalifa Mohamed Al-Kindi
Vice-chairman of the board
Sheikh Mohammed Bin Saif Al-Nehayan
Walid A. Sidani
Chief executive officer

Main shareholders

Abu Dhabi Investment Council
23.80%
Khalaf A. Al Otaiba
10.11%
Sh. Tahnoon M. Al Nahayyan
5.30%
Al Dhabi Investments Co.
5.12%
Others
55.67%

Main technical highlights: 2008-2012

in thousands USD
 20082009201020112012
Gross written premiums
369 238422 500482 042562 529625 954
Written premiums net of reinsurance
129 600166 516198 132308 446357 502
Net earned premiums
114 958148 539185 886256 970330 521
Net incurred losses
86 82297 063135 057188 620254 821
Management expenses 1
34 00637 27362 74470 77490 720
Net loss ratio
75.52%65.35%72.66%73.40%77.10%
Expenses ratio 2
9.21%8.82%13.02%12.58%14.49%
Combined ratio
84.73%74.17%85.68%85.98%91.59%
Financial income
28 53159 95618 14415 67522 067
Net technical result
49 02963 73960 38174 82676 011
Net result
57 21814 14638 77743 06639 405
1 Management expenses = overhead and administration expenses + underwriting related overhead expenses + commissions paid to intermediaries 2 Overhead and administration expenses +underwriting related overhead expenses + commissions paid to intermediaries / gross written premiums in thousands USD

Breakdown of gross written premiums per class of business: 2008-2012

in thousands USD
 200820092010201120122011/2012 evolution2012 shares
Marine
93 131109 711123 853123 919136 79710.39%21.85%
Non marine
276 107312 789358 189438 610489 15711.52%78.15%
Total
369 238 422 500 482 042 562 529 625 954 11.28% 100%

Breakdown of gross written premiums per class of business in 2012

Breakdown of net earned premiums per class of business: 2008-2012

in thousands USD
 200820092010201120122011/2012 evolution2012 shares
Marine
5 0355 29910 60015 05423 77557.93%7.19%
Non marine
109 923143 240175 286241 916306 74626.80%92.81%
Total
114 958 148 539 185 886 256 970 330 521 28.62% 100%

Net technical results: 2008-2012

in thousands USD
 200820092010201120122011/2012 evolution2012 shares
Marine
8 3047 50310 83418 45120 38110.46%26.81%
Non marine
40 72556 23649 54756 37555 630-1.32%73.19%
Total
49 029 63 739 60 381 74 826 76 011 1.58% 100%

Net incurred losses: 2008-2012

in thousands USD
 200820092010201120122011/2012 evolution2012 shares
Marine
3 1532 7795 0092 0829 886374.84%3.88%
Non marine
83 66994 284130 048186 538244 93531.31%96.12%
Total
86 822 97 063 135 057 188 620 254 821 35.10% 100%

Technical ratios: 2008-2012

Exchange rate
AED/USD as at 31/12
2008
2009
2010
2011
2012
0.27212
0.27231
0.27231
0.2723
0.27225

Contact

Head office
ADNIC Building, Sh. Khalifa street, P.O. Box 839,
Abu Dhabi, United Arab Emirates
Phone
(971) 2 4080100
Fax
(971) 2 4080604
E-mail
adnic [at] adnic [dot] ae
Website
0
Your rating: None
Advertising Program          Terms of Service          Copyright          Useful links          Social networks          Credits