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FINANCIAL NEWS
UAE- Adnic swings to profit in Q1
12 May 2010
(MENAFN) Abu Dhabi National Insurance Company (Adnic), a government-owned entity, reported net gains of $18.4 million in the first quarter of 2010, compared with a net loss of $38 million in the corresponding period last year, Khaleej Times reported.
Gross premium for the period ended March 31, 2010, rose 13.4 percent to $170.6 million, over $150.5 million during the same period last year.
The net underwriting income achieved by the company amounted to $21.3 million in the first quarter of 2010, against $31.2 million in the corresponding period last year.
Commenting on the results, the company?s Chief Executive Officer affirmed that Adnic has managed to exceed the budget for the quarter in terms of growth and profitability.
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