AM Best [4] has confirmed Abu Dhabi National Insurance Company's (ADNIC) "A" (Excellent) financial strength and "a" (Excellent) long-term credit ratings. The outlook for both ratings remains stable.
The rating reflects the company's strong balance sheet, good operating performance, neutral business profile and appropriate enterprise risk management.
AM Best describes the Emirati insurer's 2017-2021 results as solid. This is reflected in a five-year weighted average return on equity and an average combined ratio of 13.6% and 83.7%, respectively.
In 2021, the company recorded a net profit amounting to 402 million AED (109.4 million USD), the highest since its establishment.
With a turnover of 4.3 billion AED (1.2 billion USD), ADNIC [5] is ranked second among Emirati insurance companies in terms of gross written premiums.