Abu Dhabi National Insurance Company (ADNIC), one of the leading regional multi-line insurance providers for both corporates and individuals, posted a net profit before tax of AED342.5m ($93.3m) for the first nine months of 2024. This was an increase of 13.5% year on year.
ADNIC said in a statement that this net result highlighted 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, the financials reflect the full consolidation of ASF’s performance since the completion in April 2024 of the deal.
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.”
Mr Charalampos Mylonas, CEO of ADNIC said, "ADNIC continues to deliver exceptional financial results, achieving an all-time record Gross Written Premium (GWP) of AED6.1bn, 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. Automation and simplicity remain central to our strategy, going beyond product and service creation to ensure accessibility for all."
Key financial highlights
Insurance revenue grew by 57.2% year on year to AED5.2bn. ADNIC attributed this to the provision of corporate insurance solutions for mega projects as well as our underlying multi-channel, product line and territory infrastructure and readiness.
The insurance service result increased by 13.7% year on year to AED308.5m despite flood events in April 2024.
Net investment income grew by 27.3% year on year to AED202.3m.