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ABNIC Posts AED 35 Million Net Profit in the Second Quarter – 2017

Al-Buhaira National Insurance Co. (ABNIC) succeeded in achieving healthy technical results for the period ending 30/6/2017, due to the implementation of recent motor tariffs in line with Insurance Authority instructions which improved premium earned v/s claims incurred. This, coupled with stricter policy in renewing medical schemes that revealed poor performance, contributed positively to maintain decent underwriting profits.

In view of the above Sheikh Faisal Bin Khaled Sultan Al Qasimi, Chairman of the Board stated that, ABNIC written premium stood at AED 263 million during the second quarter 2017 compared to AED 346 million for Q2 2016. The Company posted AED 16 million as its underwriting profit during the second quarter 2017 compared to AED 15 million for Q2 2016, the company’s total net profit at the end of second quarter 2017 is AED 35 million compared to AED 32 million for the period ended June 30, 2016. Shareholders equity stood at AED 642 million to AED 634 million as at 31-12-2016, after distributing cash dividend to the Company’s Shareholders of AED 25 million. Total assets stood at AED 1,798 million compared to AED 1,787 million as at 31-12-2016.

ABNIC is continuously improving its core competencies and enhancing its risk management controls in line with the principles and practices of corporate governance in order to protect the rights of its shareholders and policyholders. The Company is implementing a selective policy in procuring insurance business and investment products. ABNIC is keen to introduce new insurance products that satisfy the increasing needs of its clients.