204.4 million dirhams, profits of Abu Dhabi National Insurance Company In the first half of 2023, a...

204.4 million dirhams, profits of Abu Dhabi National Insurance Company
In the first half of 2023, a growth of 15.46%
-Mohammed bin Saif: Updating our business strategy to guide the company towards a new era of sustainable practices.
-The success of Abu Dhabi National Insurance Company’s efforts to reduce reliance on companies’ reinsurance programmes.
Abu Dhabi, United Arab Emirates, ×× August 2023: Abu Dhabi National Insurance Company, one of the leading companies in the region in the field of multi-insurance for individuals and companies, announced its financial results for the first half of the year ending on June 30, 2023, as the company achieved net profits of 204.4 million dirhams, as the consolidated results of all major financial indicators contributed to an increase in profits for the first six months of the year 2023, by 15.46% compared to 177.0 million dirhams for the same period in 2022, as the company continues the strong trend towards growth during the second half of the year.
Sheikh Mohammed bin Saif Al Nahyan, Chairman of the Board of Directors, Abu Dhabi National Insurance Company, said: “Abu Dhabi National Insurance Company’s business achieved strong performance during the first half of 2023, with insurance revenues reaching 2.14 billion dirhams,” adding that with the continued success of the company’s efforts in reducing... Despite relying heavily on reinsured corporate programs, underwriting business continues to record strong rates, with combined underwriting profits reaching 87.60%, while net insurance service results amounted to 178.1 dirhams. Interest rates and thoughtful distribution of assets have contributed to enhancing investment returns, with total revenues reaching Investment during the same period was 110.8 million dirhams.
Sheikh Mohammed bin Saif Al Nahyan added: “We are moving forward in investing in technology and the efficiency of our operational processes in all our main areas of work, as these investments will provide faster and more cost-effective services, have a positive impact on our operations and facilitate the company’s sustainable growth by adopting... The latest technologies and innovative solutions to improve customer experiences, enhance the efficiency of operations, and be able to better deal with market variables. Sustainability has always been one of the basic pillars on which our operational operations are based. We are currently working on updating our business strategy to guide the company towards a new era of sustainable practices that will benefit For our customers and contribute to achieving tangible results for the community we serve.”
"Insurance revenue"
The total insurance revenues of Abu Dhabi National Insurance Company during the first six months ending on June 30, 2023 of this year amounted to 2.14 billion dirhams, compared to 2.24 billion dirhams for the same period in 2022. The company continued to significantly reduce its reinsured insurance business, and succeeded in focusing on Insurance portfolios that have a strong contribution to underwriting revenues.
"Insurance service"
The net insurance service results of Abu Dhabi National Insurance Company amounted to 178.1 million dirhams, compared to 196.4 million for the same period in 2022, in line with the current stage of the financial planning process and preparing the necessary financial reports in accordance with the new requirements of the International Financial Reporting Standard IFRS17.
"Investment income"
The net investment income of Abu Dhabi National Insurance Company increased by 78.57% to reach 110.8 million dirhams during the first six months ending on June 30, 2023, compared to 62.0 million dirhams for the same period in 2022, as a result of several main factors, including high interest rates and higher income. Fixed income, due to strategic changes made in asset allocation in the past year, as well as other unrealized market gains.
"Other operating expenses"
Other operating expenses amounted to 81.5 million dirhams, compared to 77.7 million dirhams for the same period in 2022, which reflects our firm commitment to investing in the basic resources necessary for the successful implementation of strategic digital transformation programs and initiatives.
For his part, Charalambos Mylonas, CEO of Abu Dhabi National Insurance Company, said: “Abu Dhabi National Insurance Company is one of the first insurance companies in the world to announce its financial results.”
In accordance with the International Financial Reporting Standard IFRS 17 for insurance contracts, as of January 1, 2023. The application of this new international standard has led to fundamental transformations in the accounting for insurance and reinsurance contracts, and has also contributed to consolidating the company’s position at the forefront of insurance companies that are aware of the importance and impact of applying this The standard for the business in the long term, and we are currently working to develop and modify our operational processes in line with new requirements. During the second half of the year, we will be keen to explore the prospects of the economic landscape and focus on continuing to invest in all aspects of our core business and digital capabilities.”
Milonas added: “Abu Dhabi National Insurance Company pays great attention to supporting community programs and initiatives at the local and regional levels, in line with the company’s values and principles. During the past month alone, the company entered into a partnership with the “Mada Campaign” in support of its efforts to combat neglected tropical diseases. The company renewed its partnership with the Emirates Nature Society for the third year in a row, with the aim of supporting the society’s projects in preserving and protecting nature.”