Abu Dhabi National Insurance Company (ADNIC) has been sustaining a decline in its financial indicators for two years. After a year 2014, marked by a deficit of 280.4 million AED (76.3 million USD), the Emirati company recorded at the end of 2015, a loss of 334.5 million AED (91.1 million USD).
Its technical result also deteriorated by 72 million AED (19.6 million USD) to reach 229 million AED (62.3 million USD) against 157 million AED (42 million USD) in 2014.
The underwritings fell by 13% in 2015. Written premiums increased from 2.63 billion AED (716 million USD) in 2014 to 2.29 billion AED (624 million USD).
These poor results are partly justified by ADNIC [4]’s underwriting policy and by the increased competition within a relatively limited UAE market.