Abu Dhabi National Insurance Company

The Chief Executive Officer of Abu Dhabi National Insurance Company (ADNIC) reported on the company's performance for the six-month period ending June 30, 2024. ADNIC demonstrated strong financial results and successfully executed strategic growth initiatives, including the acquisition of a 51% stake in Allianz Saudi Fransi Cooperative Insurance Company (ASF) in Saudi Arabia. This acquisition was funded entirely by ADNIC's own resources and is expected to enhance their insurance offerings across the GCC. Despite severe flooding in the UAE due to unprecedented rainfall, ADNIC effectively managed the crisis through its robust risk management and reinsurance programs. Financial highlights for the period include a 54% year-on-year increase in total insurance revenue, reaching AED 3.3 billion, a 15% increase in net insurance service result to AED 204.3 million, and an 8% increase in net income from investment to AED 119.1 million. However, other operating expenses rose to AED 108.9 million, primarily due to the consolidation of ASF and related projects.

Abu Dhabi National Insurance Company PJSC (ADNIC) reported strong financial performance for the first half of 2024. Key metrics include a combined ratio of 92%, net insurance service results of AED 204.3 million, and a record Gross Written Premium (GWP) of AED 4,406 million, marking a 47% increase from the previous year. Group consolidated investment income rose by 8% to AED 119.1 million. Total assets increased by 41% to AED 10.9 billion as of June 30, 2024, while total shareholders’ equity stood at AED 3.2 billion. The expense ratio was maintained at 12%. ADNIC also completed a strategic acquisition, taking a 51% stake in Allianz Saudi Arabia Cooperative Insurance Company, enhancing its regional presence. Despite record-breaking rainfall and flooding in the UAE earlier this year, effective emergency response minimized the impact. ADNIC remains committed to sustainability initiatives benefiting both customers and communities. Operationally, net profit before tax reached AED 224.3 million, a 10% year-over-year increase, with net profit after tax at AED 205.2 million. Earnings before tax per share rose from AED 0.36 to AED 0.39.

The Board of Directors of Abu Dhabi National Insurance Company (ADNIC) reported its financial results for the six-month period ending June 30, 2024. ADNIC completed the strategic acquisition of a 51% stake in Allianz Saudi Fransi Cooperative Insurance Company (ASF) in Saudi Arabia, consolidating ASF's results from April 17, 2024. ADNIC showed strong underwriting performance with a combined ratio of 92% and net insurance service results of AED 204.3 million. The company achieved a record Gross Written Premium (GWP) of AED 4,406 million, a 47% increase from the same period last year. Group consolidated investment income rose by 8% to AED 119.1 million. Despite ongoing investments, ADNIC managed to control general expenses, maintaining an expense ratio of 12%. The company reported a net profit before tax of AED 224.3 million, a 10% increase from last year. The UAE experienced record rainfall in April, but effective emergency response mitigated the impact. ADNIC expressed gratitude to UAE leadership and highlighted its strong financial foundation and skilled team as key factors for future opportunities in the insurance sector. The company aims to deliver sustainable value to shareholders and contribute to the region's insurance sector development.

The Abu Dhabi National Insurance Company PJSC held a Board of Directors meeting on August 8, 2024. During this meeting, the board approved the company's financial statements for the second quarter of 2024 and approved requests for corporate social responsibility contributions. The meeting was conducted by circulation and started at 11:00 AM. The authorized signatory for the meeting was Omar Khedr, who serves as the Board Secretary.

The Abu Dhabi National Insurance Company PJSC will hold its Board of Directors Meeting No. 6/2024 by circulation on Thursday, August 8, 2024, starting at 11:00 am. The agenda includes reviewing and approving the company's financial statements for the second quarter of 2024 and requests for Corporate Social Responsibility contributions. The authorized signatory for this disclosure is Omar Khedr, the Board Secretary. Copies of this disclosure have been sent to the Securities and Commodities Authority and the Central Bank of the UAE.

Abu Dhabi National Insurance Company PJSC held its Board of Directors Meeting No. 5/2024 on Thursday, July 11, 2024, from 11:00 am to 12:30 pm. All five required board members were present, meeting the quorum. The board approved the meeting agenda, the minutes from the previous meeting held on May 27, 2024, and a proposal from the executive management to explore strategic growth opportunities for the company. The meeting details were signed and stamped by Omar Khedr, the Board Secretary.

Abu Dhabi National Insurance Company PJSC will hold its Board of Directors Meeting No. 5/2024 on Thursday, July 11, 2024, at 11:00 am. The agenda includes the adoption of the agenda, approval of the minutes from the previous meeting held on May 27, 2024, follow-up on the ordinary business of the company, and any other matters. The disclosure is signed by Omar Khedr, Board Secretary, and copies have been sent to the Securities and Commodities Authority and the Central Bank of the UAE.

On May 31, 2024, the Abu Dhabi Securities Exchange (ADX) received a notice from the Abu Dhabi National Insurance Company PJSC regarding the resignation of Mr. Yousuf Amin, who served as the Executive Vice President & Chief Operational Services and Technology Officer. This resignation will take effect on July 21, 2024, in accordance with Article 33 of the SCA Board of Directors’ Decision No. 3 of 2000, which pertains to the Regulation of Disclosure and Transparency. The notice was signed by Charalampos Mylonas, the Chief Executive Officer.

The Board of Directors of Abu Dhabi National Insurance Company PJSC held their 4th meeting of 2024 on 27th May. The agenda included the adoption of the agenda, approval of the previous meeting's minutes, follow-up on the company's regular business, and discussion of any other matters. The meeting was officially documented by Board Secretary, Omar Khedr. Both the Securities and Commodities Authority and the Central Bank of the UAE were informed about the meeting.