ADNIC reports surge in profits and robust growth for First Quarter 2012

Abu Dhabi, May 10, 2012 (WAM) - Abu Dhabi National Insurance Company (ADNIC) yesterday announced its results for the first quarter of 2012. Boasting a growth in premium and profits during this period with sound performance in all of its key business areas, the company continues to deliver on its long term Perpetual Excellence Plan which aims to fortify its key pillars of sustainable profitable growth to preserve continued success. ADNIC's gross written premium for the quarter ended as of 31 March 2012 grew by 5% to Dh735 million up from Dh700 million in the first quarter of 2011. The net technical Income increased 13% from Dh54 million to Dh61 million as of 31 March 2012. The net investment and other income for the quarter grew 7% year on year to Dh25 million up from Dh23 million in the same period in 2011 even during a challenging environment. The net profit achieved for the first quarter as of 31 March 2012 increased by 11% to Dh86 million compared to Dh78 million in the first quarter of 2011. ADNIC continues to maintain its strong financial rating in the "A" category. This rating category has been maintained for the past two years by two leading global financial rating agencies (S'&'P and AM Best). – Emirates News Agency, WAM