Abu Dhabi National Insurance (ADNIC)

Being the first state-owned insurance company established in Abu Dhabi, ADNIC has for a long time stood as a pioneer in the Gulf countries. In 1972, the company saw the light of day, just one year following the establishment of the federal State of the United Arab Emirates. This “historic legitimacy” has positioned ADNIC on all major national development projects, enabling it to be from the outset the privileged insurer of a giant local oil industry: Abu Dhabi National Oil Company (ADNOC), established in 1971.

40 years on, ADNIC is still standing among the best insurers of the Arab world, getting hold of leading positions in the different rankings created by Al Bayan magazine.

Out of the 300 Arab companies covered in 2011 by the Lebanese magazine, ADNIC has ranked 6^th in terms of shareholder’s equity, 9^th in terms of the premiums written and came 11^th in the ranking established according to the profits generated.

Unlike the other regional companies, the 2008 financial crisis did not seem to have affected ADNIC which continues to exhibit excellent results. The only catch to this rosy picture: the figures of 2012 reported a decrease in the company’s margins accounted for partly by the fierce competition involving the Emirati insurers.

Khalifa Mohamed Al-Kindi	Walid A. Sidani
Chairman of the board	Chief executive officer

ADNIC: main technical highlights: 2008-2012

In thousands USD

	2008	2009	2010	2011	2012
Gross written premiums	369 238	422 500	482 042	562 529	625 954
Written premiums net of reinsurance	129 600	166 516	198 132	308 446	357 502
Net earned premiums	114 958	148 539	185 886	256 970	330 521
Net incurred losses	86 822	97 063	135 057	188 620	254 821
Management expenses 1	34 006	37 273	62 744	70 774	90 720
Net loss ratio	75.52%	65.35%	72.66%	73.40%	77.10%
Expenses ratio 2	9.21%	8.82%	13.02%	12.58%	14.49%
Combined ratio	84.73%	74.17%	85.68%	85.98%	91.59%
Financial income	28 531	59 956	18 144	15 675	22 067
Net technical result	49 029	63 739	60 381	74 826	76 011
Net result	57 218	14 146	38 777	43 066	39 405

¹ Management expenses = overhead and administration expenses + underwriting related overhead expenses + commissions paid to intermediaries ² Overhead and administration expenses +underwriting related overhead expenses + commissions paid to intermediaries / gross written premiums in thousands USD

ADNIC: breakdown of gross written premiums per class of business: 2008-2012

In thousands USD

	2008	2009	2010	2011	2012	2011/2012 evolution	2012 shares
Marine	93 131	109 711	123 853	123 919	136 797	10.39%	21.85%
Non marine	276 107	312 789	358 189	438 610	489 157	11.52%	78.15%
Total	369 238	422 500	482 042	562 529	625 954	11.28%	100%

Breakdown of gross written premiums per class of business in 2012

ADNIC: breakdown of net earned premiums per class of business: 2008-2012

in thousands USD

	2008	2009	2010	2011	2012	2011/2012 evolution	2012 shares
Marine	5 035	5 299	10 600	15 054	23 775	57.93%	7.19%
Non marine	109 923	143 240	175 286	241 916	306 746	26.80%	92.81%
Total	114 958	148 539	185 886	256 970	330 521	28.62%	100%

ADNIC: net technical results: 2008-2012

in thousands USD

	2008	2009	2010	2011	2012	2011/2012 evolution	2012 shares
Marine	8 304	7 503	10 834	18 451	20 381	10.46%	26.81%
Non marine	40 725	56 236	49 547	56 375	55 630	-1.32%	73.19%
Total	49 029	63 739	60 381	74 826	76 011	1.58%	100%

ADNIC: net incurred losses: 2008-2012

in thousands USD

	2008	2009	2010	2011	2012	2011/2012 evolution	2012 shares
Marine	3 153	2 779	5 009	2 082	9 886	374.84%	3.88%
Non marine	83 669	94 284	130 048	186 538	244 935	31.31%	96.12%
Total	86 822	97 063	135 057	188 620	254 821	35.10%	100%

Technical ratios: 2008-2012

Exchange rate AED/USD as at 31/12	2008	2009	2010	2011	2012
	0.27212	0.27231	0.27231	0.2723	0.27225