ADNIC: Q1 2023 results

Abu Dhabi National Insurance Company (ADNIC) has published its quarterly financial statements, in accordance with the new IFRS 17 standards, which came into force on 1 January 2023.

As at 31 March 2023, the Emirati insurer recorded a net profit of 99.675 million AED (27.1 million USD) against 85.048 million AED (23.2 million USD) during the same period of 2022, which represents a 17.2% growth.

This increase was primarily due to a solid underwriting and investment performance.

The net investment income jumped by 94% to 46.322 million AED (12.6 million USD).

The insurance revenue has dropped from 1.116 billion AED (303.8 million USD) as at 31 March 2022 to 1.003 billion AED (273.1 million USD) one year later, showing a 10.1% decline over twelve months.