UAE: ADNIC posts record-breaking performance in 2024

Source: Middle East Insurance Review | Mar 2025

Abu Dhabi National Insurance Company (ADNIC), a leading multi-line insurance provider for both corporates and individuals, delivered exceptional results in 2024, achieving its highest-ever total insurance revenue and net profit. This performance is attributable to the company’s regional expansion and several ambitious initiatives.

A significant landmark for ADNIC was the acquisition of a 51% stake in Allianz Saudi Fransi Cooperative Insurance Company in Saudi Arabia, followed by a rebranding of the operation, now known as Mutakamela Insurance Company. The financials discussed reflect the full consolidation of Mutakamela’s performance since the completion of the transaction.

For the twelve-month period ending 31 December 2024, ADNIC reported a 16.3% y-o-y increase in net profit before tax of AED 466.4m ($126.96m). Total assets grew by 52.9% to AED 11.8bn and total shareholders’ equity rose by 20.6%, reaching AED 3.5bn.

ADNIC chairman Sheikh Mohamed Bin Saif Al-Nahyan said that 2024 was a milestone year for the group. M

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