AM Best [4] has assigned an "A" (Excellent) financial strength and "a" long-term credit rating to Abu Dhabi National Insurance Company (ADNIC). The outlook for both ratings is stable.
According to the rating agency, the results (2016-2020) of the UAE insurer are solid. The five-year average combined ratio is 85.6% and the return on equity (ROE) is 13.2%.
The rating reflects the company's strong balance sheet, good operating performance, neutral business profile and appropriate enterprise risk management.
In 2020, ADNIC [5] posted a turnover of 4.012 billion AED (1.09 billion USD), a 6.8% increase compared to 2019. The net result grew by 30.4% to 371 million AED (100.993 million USD) at the end of 2020.
Read also | Ranking of insurance companies in the UAE [6]