25 March 2015
Reserves Increased to Strengthen Financial Position

Abu Dhabi - Abu Dhabi National Insurance Company (ADNIC)announcedtoday its financial results for the year ended 31st December 2014.

Commenting on the 2014 results, H.E. Khalifa Mohamed Al-Kindi, Chairman of ADNIC, said: "Despite significant challenges in 2014, ADNIC has made progress on a number of strategic fronts that will lay the foundations for the future growth of the Company. The Board of Directors, as well as the management team, remain fully focused on delivering growth and shareholder value.Our priority is to ensure that ADNIC remains a market leader both in terms of its standing in the insurance market as well as offering unparalleled services and experience for our customers. ADNIC's performance will be driven by a new leadership that will steer the company towards operational, commercial and strategicimprovements."

ADNIC's Gross Written Premium increased by 9% to AED 2.63bn in 2014 from AED 2.41bn in 2013. ADNIC's Net Underwriting loss for the year2014 was AED 157 million, compared to a Net Underwriting Profit of AED 266m in 2013.

Ahmad Idris, CEO of ADNIC, reflected on the details of the company's underlying performance: "The increase in the Company's 2014 Gross Written Premium was largely driven by the growth in our commercial lines portfolio.However, 2014 was a year, which highlighted important challenges faced by the company.The traditionally profitable Property, Marine, and Aviation lines of business were negatively impactedby losses although low in frequency, but high in value. Within consumer lines, while ADNIC is taking firm actionto realign theMotor and Medical portfolios, the 2014 results reflect the servicing of the run-off loss making portfolios."

Net Investment Income increased 7% to AED 106 million for the year2014 compared to AED 100 million in 2013. ADNIC's Net loss for the year 2014 is AED 280 million compared to Net Profit of AED 156 million in 2013.

Commenting on the outlook for ADNIC in 2015, Mr. Idris concluded his remarks by adding: "During 2014, ADNIC undertook a series of initiatives, which position the company well to prosper within the emerging economic background and the new regulatory framework in which we operate bringing greater stability, transparency, and healthier competition to a more sustainable UAE insurance industry. Our continued commitment to service, product and innovation remains central to our business strategy. Aligned to our selective and prudent underwriting practices, I am confident that this strategy will return ADNIC to sustained profitability and shareholder value in 2015 and beyond".

-Ends-

About Abu Dhabi National Insurance Company
Abu Dhabi National Insurance Company (ADNIC) PJSC is a trusted insurance partner with long standing expertise in providing insurance products to individuals and corporates to manage unpredictable health, life and general risks. ADNIC is also a leading provider of risk underwriting solutions across the Middle East and North Africa (MENA) region. Founded in the United Arab Emirates (UAE) in 1972, ADNIC is a leading multi-line insurance provider with a wide network of branches as well as sales and service centers across the country. ADNIC is publicly owned and listed on the Abu Dhabi Securities Exchange (ADX).

For more information, please contact:
ADNIC Corporate Marketing and Communications
Mrs. Dana Hudairi
M: +971 50 6117968
D: +971 2 4080419
F: +971 2 4080 625
E-mail: d.hudairi@adnic.ae
www.adnic.ae

© Press Release 2015