Dubai: Abu Dhabi National Insurance Company (Adnic) reported on Thursday a 19 per cent jump in its net profit for the second quarter 2019 as income rose and claims incurred fell.
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The company recorded Dh66 million in profit for the quarter, up from Dh55.4 million in the same period. This brought profits for the first half of 2019 to Dh118.6 million – down 21 per cent year-on-year.
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In the second quarter, net premiums written reached Dh196 million, falling from Dh327 million in the second quarter of last year. Premiums written in the first half were also lower year-on-year falling to Dh764.6 million from Dh964.9 million.
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Net claims incurred by Adnic fell in the quarter, reaching Dh230.8 million.
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“As we move into the second half of 2019, the company will remain firmly focused on maintaining robust foundations to drive long-term sustainable growth and maximize value for shareholders while increasing customer satisfaction and retention,” said Shaikh Mohamed Bin Saif Al Nahyan, chairman of Adnic, in a statement.
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The company also saw income from investments and properties, which totaled Dh46.9 million in the second quarter compared to Dh34.7 million in the same period of 2018.
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