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Abu Dhabi National Insurance Cos (ADNIC) gross written premium grew from AED1.36 billion (US$370.3 million) in 2008 to AED1.55 billion last year, due to its expanding customer product suite and distribution network.
Despite a difficult first half of 2009 as a result of a significant investment impediment, ADNIC said it managed to achieve a net profit of AED52 million last year after taking into account the full impairments on the Available For Sale investments during the year 2009 amounting to AED307 million.
ADNICs net underwriting income grew 30% y-o-y to AED234 million, while its total assets increased from AED3.2 billion in 2008 to AED3.5 billion last year. In the same period, its shareholder equity increased to AED2.03 billion as at the end of 2009, representing 12.8% growth.
Mr Walid Sidani, CEO of ADNIC, said: "We remain focused on achieving our Accelerated Evolution Plan 2010-2012 by maintaining the inertia we consider crucial in realising the aggressive and profitable growth expected through our strategic business plan. We capitalised on 2009 economic environment to further strengthen our personnel, processes, and products and services, while slowly transitioning our corporate culture to one that is oriented towards continuous performance improvement. 2010 offers ADNIC unparallel opportunity to expand its reach by exploring alternative products and distribution channels on either a direct basis or with the right partners."
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