Press releases, Reports & Disclosures for Abu Dhabi National Insurance Company

The Abu Dhabi National Insurance Company PJSC and its subsidiary have released their consolidated financial statements as of December 31, 2023. The principal business address of the company is P.O. Box: 839, Abu Dhabi, UAE.

The Abu Dhabi National Insurance Company (ADNIC) released its 2023 annual financial report on February 12, 2024. The report highlighted a strong underwriting performance with a combined ratio of 88% and increased net retention, despite increased expenses due to investment in technology, digital transformation, and geographical expansion. The company also reported excellent investment income results due to favorable market conditions and changes in asset allocation. In terms of non-financial events, 2023 was a year of strategic expansion and sustainability initiatives for ADNIC, including the acquisition of Allianz Saudi Fransi, participation in COP28, and a collaboration with Emirates Nature-WWF. The company also launched the 'Mawhoob' program for career development of UAE Nationals. Overall, ADNIC demonstrated significant growth in net profit by 12.2% and an increase in earnings per share from AED 0.63 to AED 0.70.

The CEO of Abu Dhabi National Insurance Company (ADNIC) reported strong financial results for 2023, with a net profit of AED 401.2 million, marking a 12.18% increase from the previous year. This performance was attributed to effective underwriting and investment strategies. The company also expanded its presence in the KSA market through the acquisition of Allianz Saudi Fransi Cooperative Insurance Company. Sustainability was emphasized, with the company signing the UAE Climate Responsible Companies Pledge and investing in community projects and education programs. ADNIC's total insurance revenue for 2023 was AED 4.64 billion, the net insurance service result was AED 366.6 million, net income from investment increased by 43.3% to AED 206.7 million, and other operating expenses were AED 179.8 million.

The Abu Dhabi National Insurance Company (ADNIC) reported a 12.18% increase in net profit for the year ended 31 December 2023, reaching AED 401.2 million. This growth was driven by exceptional underwriting and investment performance. Earnings per share also rose from AED 0.63 to AED 0.70. The company's combined ratio was 88%, reflecting its commitment to disciplined underwriting and prudent risk management. Net insurance service results reached AED 366.6 million. ADNIC's net investment income increased by 43.3% to AED 206.7 million, due to higher interest and coupon incomes, and favourable market-to-market gains. The company controlled operating costs growth, despite investments in tax implementation, digital advancements, customer experience and regional expansion. In 2023, ADNIC acquired Allianz Saudi Fransi Cooperative Insurance Company, which is expected to finalize in early 2024, strengthening its regional presence. The company also focused on sustainability, strengthening its green initiatives.

The Resolution No. 284 of 2024 temporarily suspends trading of shares of Abu Dhabi National Insurance Company (ADNIC) on the Abu Dhabi Securities Exchange (ADX). The suspension is due to a Board of Directors Meeting of ADNIC scheduled for 11:00 on 12th February 2024, which coincides with the trading session at ADX. Trading in ADNIC shares will be suspended from 09:00 on 12th February 2024 until ADX receives the meeting results. All department heads in ADX are required to execute this resolution in their respective fields. The resolution is to be circulated to the Securities and Commodities Authority (SCA), the concerned company, all departments at ADX, and all brokers accredited by ADX. The resolution has been approved by the authorized person and was issued on 12/02/2024.

The Board of Directors of the Abu Dhabi National Insurance Company PJSC held their second meeting of 2024 on February 12, 2023. The agenda included the approval of previous meeting minutes, the company's 2023 financial statements, and the proposed dividends for shareholders. The board also set the date and agenda for the Annual General Assembly Meeting, reviewed board committee recommendations, and approved the 2023 Corporate Governance Report. The meeting was officially signed off by Board Secretary Omar Khedr.

The Board of Directors of the Abu Dhabi National Insurance Company PJSC held a meeting on February 5, 2024. Seven board members were present during the meeting, which started at 11:00am and ended at 12:00pm. The board approved the meeting agenda, appointed Mr. Omar Khedr as the Board Secretary, and approved the minutes of their previous meeting. They also discussed the company's budget and business plan for 2024-2026 and approved the recommendations of the board committees.

The Board of Directors Meeting of Abu Dhabi National Insurance Company PJSC No. 1/2024, which was originally scheduled for 23rd January 2024 at 11:00 am, has been rescheduled to 5th February 2024 at 11:00 am. The information was conveyed by Omar Khedr, Vice President - Legal, in a letter to the Abu Dhabi Securities Exchange. The Securities and Commodities Authority and the Central Bank of the UAE were also copied on the correspondence.