[ad_1]
Abu Dhabi – Mubasher: the company’s profits increased Abu Dhabi National Insurance “ADNOC “, by 133 percent to 122.62 million dirhams at the end of the first quarter of this year, compared to a gain of 52.62 million dirhams at the end of the same period in 2019.
According to the data, the company’s subscription revenue increased to 1.74 billion dirhams, compared to 1.74 billion dirhams in the first quarter of last year..
Total revenue in that period increased to DH 186.19 million, compared to DH 116.58 million in the first quarter of last year..
During the first quarter of 2020, the company maintained its market share through various commercial channels, and the value of written premiums increased to 1.87 billion dirhams, a growth of 7.7 percent compared to the first quarter of the year. past.
Maintaining the profitability of the business portfolio was also an important element, which led to a significant increase in subscription profit to 151.2 million dirhams, a growth of 79.4% compared to last year..
The value of cash and deposit balances at the end of the first quarter was 727.4 million dirhams. The budget of the Abu Dhabi National Insurance Company continues to be backed by strong capital, as shareholders’ equity at the end of the first quarter reached DH 2.05 billion, and the total value of assets is DH 8.77 billion ..
Despite the challenges caused by the spread of the Coruña virus, the company’s solvency continued to be much higher than the levels set by regulators, as was the case in recent years..
While general and administrative expenses decreased slightly, to 63.57 million dirhams, compared to 63.96 million dirhams at the end of the same period last year..
On the other hand, fluctuations in the financial markets affected the return on investment to some extent, but this decrease was less compared to the larger decrease in the market scale. We hope that the financial markets will recover over time. Given the reality imposed by the spread of the “Covid 19” epidemic“
The company also turned its attention to cost control. The company said it will continue to maintain adequate loss reserves, with a total technical reserves at the end of the quarter of DH 5.14 billion. In light of volatility in the financial markets, the focus was also to maintain adequate levels of liquidity to support business continuity..
Indicates that The net profit of the company. It reached 284.3 million dirhams in 2019, compared to 235.6 million dirhams in 2018, an increase of 20.7 percent.
[ad_2]
