Despite the entire slump down due to current on-going crisis, there was a 133.1% increase in earnings from Q1 2019 driven by in progress business momentum and business continuity measures.
During Q1 2020, gross premiums bettered by 7.7 % on the previous year to AED1.87billion ($509m). Whereas, the underwriting profits also proved to have a considerable increase to close at AED151.2m ($41.2m), a growth of 79.4 % over the previous year.
Abu Dhabi social insurance Company (ADNIC) has proclaimed a AED122.6 million ($33.3m) earnings for the primary quarter of the year, up 133.1 % from Q1 2019 (AED52.6m), driven by in progress business momentum and business continuity measures.
Ahmad Idris, chief executive officer of ADNIC, stated that “Their solid economic performance within the first quarter (Q1) reflects overall ability to adapt to difficult market conditions, the elemental strength of the corporate and therefore the exceptional contribution of the staff to supply uninterrupted service to their consumers.”
Idris also stated that “ADNIC conjointly continued to offer back to the native people through there wide-ranging and long-standing CSR initiatives and activities. They have a tendency to create respected contributions to the broader community by partnering with Ma’an United Arab Emirates’s capital Abu-Dhabi towards the ‘Together we have a tendency to Are Good’ program to support the UAE community in addressing the fight against the current global crisis and ultimately defeat the on-going crisis and emerge as true leader to lead from the front.” During the three-month period, and post the onset of the impending crisis, ADNIC contributed AED3m ($817.000) towards the Ma’an ‘Together we have a tendency to Are Good’ program.