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Abu Dhabi, UAE 09August 2024:Abu Dhabi National Insurance Company (ADNIC), one of the leading regional multi-line insurance providers for both corporates and individuals, continues to deliver outstanding performance in 2024, highlighted by solid financial results and successful execution of key strategic growth initiatives.
During this quarter ADNIC has successfully completed the acquisition of a 51% stake in Allianz Saudi Fransi Cooperative Insurance Company (ASF) in Saudi Arabia. This move solidifies our position as a leading insurer in the region and reinforces our commitment to delivering exceptional customer service and innovative insurance products across the GCC. We are confident that this acquisition will enable us to offer industry-leading solutions across all major insurance lines.
All the financials discussed here follow the full consolidation of ASF performance from the date of the transaction’s completion.
For the six-month period ended 30 June 2024, profit before tax has grown by 10% year on year to AED 224.3 million.
As at 30 June 2024, at a consolidated Group level Total Assets has increased by 41% to AED 10.9 billion compared to AED 7.7 billion as at 31st Dec 2023. Total Shareholders’ Equity stood at AED 3.2 billion.
Key Financial Highlights
Total Insurance revenue
For the six-month period ended 30 June, 2024, the total insurance revenue has grown by 54% year on year to reach an all-time high of AED 3.3 billion, compared to AED 2.1 billion for the same period in 2023. This reflects our continuous excellence in the provision of corporate insurance solutions for mega projects as well as our underlying multi-channel, product line and territory infrastructure and readiness.
Net insurance service result
For the six-month period ended 30 June, 2024, net insurance service result has grown by 15% year on year to reach AED 204.3 million, against AED 178.1 million for the same period in 2023. This reflects the robustness and strong underwriting and analytical discipline in the way our business is managed and produced.
Net Income from investment
Net income from investment has grown by 8% year on year to reach AED 119.1 million for the six-month period ended 30 June 2024, compared to AED 110.8 million for the same period in 2023. It reflects the resilience of our underlying asset allocation mix to the underlying market conditions and trends.
Other operating expenses
Other operating expenses has increased to AED 108.9 million up from AED 81.6 million for the six-month period ended 30 June 2024. This follows the full Allianz Saudi Fransi consolidation and ongoing corresponding projects required this year.
Commenting on ADNIC’s performance, Sheikh Mohamed Bin Saif Al-Nahyan, Chairman of ADNIC, said:
“Our accomplishments demonstrate ourcommitment to operational excellence and strategic foresight. Looking ahead, ADNIC’s strong financial foundation and skilled team position us for sustained growth and innovation, delivering value for shareholders and contributing to the regional insurance sector’s development.”
Charalampos Mylonas, Chief Executive Officer of ADNIC said: “Abu Dhabi National Insurance Company PJSC has once again delivered outstanding performance, with our financial performance for the first six-months 2024 demonstrating the successful execution of key strategic growth initiatives.ADNIC has achieveda record Gross Written Premium (GWP) of AED 4,406.0 millionwhich represents a surgeof47%compared to the same period last year.Earlier in the year the UAE experienced its heaviest rainfall in recorded history, resulting in severe flooding across the country. Despite the unprecedented disruption, the quick and effective response by the UAE’s leadership, our emergency response teams, as well as the public and private sectors demonstrated the resilience of the nation during this unique time. ADNIC through its sophisticated Enterprise Risk Management framework and market leading comprehensive Reinsurance Risk Transfer programs was able to respond swiftly to this crisis”.
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About Abu Dhabi National Insurance Company
Abu Dhabi National Insurance Company (ADNIC) PJSC is a composite insurance partner with long standing expertise in providing insurance products to individuals and corporates across the Middle East and North Africa (MENA) region. Founded in the United Arab Emirates (UAE) in 1972, ADNIC has a wide network of branches as well as sales and service centres across the country. ADNIC also has a representative office in London, under the name ADNIC International Ltd. ADNIC is a publicly listed company on Abu Dhabi Securities Exchange (ADX).
For more information, please contact: [email protected]