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ABU DHABI/ WAM
Abu Dhabi National Insurance Company (ADNIC) has completed the strategic acquisition of a 51 percent stake in Allianz Saudi Fransi Cooperative Insurance Company in Saudi Arabia.
The acquisition will make ADNIC one of the Tier – 1 listed insurers in Saudi Arabia, strengthening its position as a leading insurer in the Gulf region. As part of its strategic growth strategy, ADNIC has been actively exploring opportunities and expanding its geographical footprint.
ADNIC will now have active field operations in the two largest and fastest growing insurance markets in the Gulf and broader Middle East and Africa regions
Sheikh Mohamed bin Saif Al Nahyan, Chairman of ADNIC, said, “The connection between the UAE and Saudi Arabia is deep, mutually beneficial and ever-growing. At ADNIC, we see Saudi Arabia as a high-potential market which perfectly aligns with our overall growth strategy, and we are looking forward to unlocking new possibilities for growth and success.”
Charalampos Mylonas, CEO of ADNIC, said, “The strategic acquisition of a majority stake in Allianz – Saudi Arabia is a milestone that enables us to push forward with our regional growth ambitions. This move further solidifies our position as the preferred insurer for consumers, one that always seeks new ways to protect customers and empower the communities we serve. Looking ahead, this acquisition places us in a strong position to deliver industry-leading products across all major insurance lines.”
The move also builds on ADNIC’s success where the business recently recorded one of the highest profits in its history at AED 401.2 million for the full year 2023, marking a 12.18 percent increase over the same period in 2022.