UAE-listed Abu Dhabi National Insurance Company (ADNIC) reported a double-digit decline in its net profit for the first half of the year, citing that its business has been impacted by "current market conditions".
Total net profit for the first six months of 2022 reached AED186.9 million ($50.9 million), down 24.8% from AED248.7 million a year earlier, the insurer said in its investor presentation posted on the Abu Dhabi Securities Exchange (ADX) on Wednesday.
One of the largest insurers in the UAE by assets, ADNIC said its net underwriting income remains solid with combined ratio at 82%. However, due to "market conditions", investment income fell by 28.9% to AED62 million.
Gross written premiums (GWP) grew by 20.9% to AED3.2 billion, driven by "broad-based" growth.
Total GWP for commercial lines went up by 30.7% year-on-year, while GWP for consumers lines registered a 9.3% increase.
(Writing by Cleofe Maceda; editing by Seban Scaria )