5 million, with net underwriting income
up 18 per cent to Dh45 million, the firm told shareholders at its AGM on Wednesday.
Dubai National Insurance & Reinsurance PSC (DNIR) held its Annual General Meeting today, where Khalaf Ahmad Al Habtoor, Chairman of the Board of Directors, announced the company achieved its highest ever gross written premiums and net underwriting income
For the year, we established a new underwriting income
record despite an extraordinary level of industry-wide catastrophic events, relatively weak overall commercial lines pricing, and continued low interest rates," said Gregory E.
The firm also said that underwriting income
dropped by 34 percent.
4m net decrease in underwriting income
resulting from unfavourable development on prior years' loss reserves.
Commenting on the results, Shaikh Mohamed bin Saif Al Nahyan, chairman of Adnic, said: "Adnic has started the year on a strong note with growth in net underwriting income
and an overall net profit, driven by corrective measures implemented by the management of the company over the past year.
While insurers have responded to the prolonged challenging investment environment with a greater focus on underwriting results, Marshall points out that, in 2015, net investment income was still over $47 billion while underwriting income
was over $6 billion.
of IGIIL surged by 97% to Rs76mn in 3Q2015 led by improving macros and improved fire segment business.
Insurance underwriting income
(net of reinsurance) decreased by 12.
It has recorded a net underwriting income
and an overall net income in four of the past five years.
The outlook revision is due to the insurer's negative underwriting income
over the past years, due to heavy weather-related losses and a high expense ratio.
boosted its profits by more than $80 million during the second quarter of 2010 despite a drop in gross premiums written and underwriting income