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ABU DHABI / WAM
Abu Dhabi National Insurance Company (ADNIC) announced its financial results for the first nine months of 2024, reporting a net profit before tax of AED342.5 million, highlighting the company’s solid financial performance and successful execution of key strategic growth initiatives.
Following Adnic’s successful acquisition of a 51% stake in Allianz Saudi Fransi Cooperative Insurance Company (ASF) in Saudi Arabia, all financials presented reflect the full consolidation of ASF’s performance from the transaction’s completion date.
For the nine-month period ended on September 30 2024, profit before tax grew by 13.5% year-on-year to AED342.5 million.
Both companies consolidated total assets were AED12 billion (growth at 55.6%), with total shareholders’ equity at AED3.4 billion (growth at 16.1%).
Commenting on Adnic’s performance, Sheikh Mohamed Bin Saif Al-Nahyan, Chairman of Adnic, said, “As we are coming towards the completion of this very unique and extremely challenging year for our industry, we are positioning Adnic to capitalise on suitable emerging opportunities in the insurance sector.”
“Our international expansion reflects our commitment to delivering sustainable value to shareholders while supporting the ongoing growth of the region’s insurance industry as we strive to become the region’s leading insurer.”
Charalampos Mylonas, Chief Executive Officer of Adnic, stated, “Adnic continues to deliver exceptional financial results, achieving an all-time record Gross Written Premium (GWP) of AED6.1 billion, representing a growth of 56% compared to the same period last year whilst continuing to deliver simultaneous and consistent operating profit growth in line with our pedigree and strategic objectives.”
Insurance revenue has grown by 57.2% year-on-year to reach an all-time high of AED5.2 billion.
Insurance service results have grown by 13.7% year-on-year to reach AED308.5 million.
Net investment income has grown by 27.3% year-on-year to reach AED202.3 million, reflecting the resilience of the company’s underlying asset allocation mix to the emerging market conditions and trends.