ADNIC: Q1 2022 results

In Q1 2022, Abu Dhabi National Insurance Company (ADNIC) has recorded a 20% turnover increase. The latter reached 2.28 billion AED (620.64 million USD) as of 31 March 2022, compared to 1.9 billion AED (517.18 million USD) during the same period in 2021.

This performance is due to the Emirati insurer's financial strength and its good brand image.

During the period under review, the net profit reached 84.7 million AED (23.05 million USD), decreasing by 36.6% compared to 133.6 million AED (36.3 million USD) posted during Q1 2021.

The technical result stood at 60.8 million AED (16.5 million USD) in Q1 2022 compared to 95.7 million AED (26.04 million USD) one year earlier, thus dropping by 36.5% over one year.

The net investment income deccreased by 37.1% to be set at 23.9 million AED (6.5 million USD).