ABU DHABI – Abu Dhabi National Insurance Company (ADNIC) reported its financial results for the nine-month period ended 30 September 2023.
ADNIC’s net profit reached AED 301.9 million for the nine-month period ended 30 September 2023, representing a 16.2% increase compared to the same period in the previous year, which is a direct outcome of its market leading underwriting and investment performance.
The company is looking to expand its footprint as it explores new markets and deliver on its strategic objectives. In October, ADNIC announced its plan to acquire a 51% stake in Allianz Saudi Fransi Cooperative Insurance Co. to strengthen its position in one of the fastest growing insurance markets in the GCC.
Commenting on ADNIC’s performance, Sheikh Mohamed Bin Saif Al-Nahyan, Chairman of ADNIC, said: “ADNIC continued to deliver a robust performance as we pave the way for our next stage of growth. We demonstrated a strong underwriting performance with a combined ratio of 87.9% which is reflected in the net insurance service results of AED 271.4 million. This is a testament to our effective risk selection and claims management.”
“Our progressing acquisition of the 51% stake in the Allianz Saudi Fransi Cooperative Insurance Company in Saudi Arabia demonstrates ADNIC’s future-looking ambitions for wider growth across the region. Geographical inorganic growth is one of our diverse range of strategic initiatives, which also include digital transformation, operational excellence, and reinsurance optimisation. We will continue to monitor various insurance markets, including the UAE, for possible strategic partnerships.”
“We are eager to support the government’s ambitions through its many plans and visions and are committed to participating in COP28 to collaborate with our peers to advance the industry’s sustainability actions.”
Charalampos Mylonas, CEO of ADNIC, said: “We are excited about the next phase of our growth, particularly given our field presence in the two largest and fastest growing markets in the Middle East. ADNIC’s results and future plans reflect our financial strength, shareholder vision and guidance, the available capital resources and our constant quest to lead and evolve.”
He added: “We remain committed to engaging with all stakeholders on our various sustainability initiatives, which will continue to be a core operational focus at ADNIC. We recently signed the UAE Climate Responsible Companies Pledge to further embed sustainable practices in our operations and inspire our customers and partners to embrace sustainable action for a brighter, net-zero future.”