Abu Dhabi National Insurance Company

The Abu Dhabi National Insurance Company (ADNIC) has reported strong underwriting performance in Q1 2024, with a combined ratio of 90% and net insurance service results of AED 103.2 million. The company also experienced a record Gross Written Premium of AED 3,031 million, a growth of 49.9% compared to the same period last year. Strategic asset allocation adjustments from the previous year resulted in a 17.4% increase in net income from investments, reaching AED 54.4 million. Despite ongoing investments, the company has managed to control general expenses, reflected in an expense ratio of 12.3%. ADNIC also acquired a majority stake in Allianz Saudi Arabia Cooperative Insurance Company, reinforcing its position as a leading regional insurer. The company's net profit before tax was AED 111.8 million, a 12.1% increase YoY, resulting in a net profit after tax of AED 100.9 million.

The text presents a review report and condensed consolidated interim financial information for Abu Dhabi National Insurance Company PJSC and its subsidiary. The report covers the three-month period ending on 31 March 2024. The company's principal business address is P.O. Box: 839, Abu Dhabi, UAE.

Abu Dhabi National Insurance Company (ADNIC) reported a strong start to 2024 with a 12.1% year-over-year increase in pre-tax net profit, reaching AED 111.8 million. The company also adopted corporate income tax, resulting in a net profit after tax of AED 100.9 million. The profitability was driven by robust underwriting performance and strong investment results. ADNIC also completed a strategic acquisition of a majority stake in Allianz Saudi Arabia Cooperative Insurance Company, strengthening its position as a leading regional insurer. Total insurance revenue for the first quarter of 2024 was AED 1.56 billion, compared to AED 1.00 billion in 2023. Net insurance service result stood at AED 103.2 million, and net income from investment increased by 17.4% to AED 54.4 million. Other operating expenses were AED 49.7 million.

The Abu Dhabi National Insurance Company (ADNIC) has reported strong financial results for Q1 2024, with a combined ratio of 90% and net insurance service results of AED 103.2 million. The company also achieved a record Gross Written Premium of AED 3,031 million, marking a 49.9% growth compared to the same period in the previous year. Strategic asset allocation adjustments led to a 17.4% increase in net income from investments, amounting to AED 54.4 million. Despite ongoing investments and controlling general expenses, the company reported a net profit before tax of AED 111.8 million, a 12.1% increase from the previous year. After adopting the corporate income tax, the net profit after tax was AED 100.9 million. The company also successfully acquired Allianz Saudi Fransi Cooperative Insurance Company, boosting its regional presence.

The Abu Dhabi National Insurance Company (ADNIC) reported a strong underwriting performance in Q1 2024, with a combined ratio of 90% and net insurance service results of AED 103.2 million. The company also recorded a Gross Written Premium (GWP) of AED 3,031 million, a 49.9% growth compared to the same period last year. Adjustments in strategic asset allocation resulted in a 17.4% increase in net income from investments to AED 54.4 million. Despite ongoing investments, the growth in overall expenses was lower than premium growth, reflecting in an expense ratio of 12.3%. The company also completed a strategic acquisition of a majority stake in Allianz Saudi Arabia Cooperative Insurance Company. This acquisition strengthens ADNIC's position as a leading regional insurer and supports its commitment to exceptional customer service and innovative insurance products across the GCC. The company reported a net profit before tax of AED 111.8 million, a 12.1% increase year-over-year, and a net profit after tax of AED 100.9 million. Earnings before tax per share increased from AED 0.17 to AED 0.20 and after tax from AED 0.17 to AED 0.18.

Resolution No. 394 of 2024 temporarily suspends trading of the shares of Abu Dhabi National Insurance Company (ADNIC). The suspension is due to coincide with the ADNIC Board of Directors meeting on 9th May 2024 at 11:00. The trading suspension will start at 09:00 on 9th May 2024 and will continue until the Abu Dhabi Securities Exchange (ADX) receives the meeting results. All department heads at ADX are required to implement this resolution in their respective fields. The resolution will be shared with the Securities and Commodities Authority (SCA), the concerned company, all ADX departments, and all brokers accredited by ADX. The resolution was issued on 6th May 2024.

The Board of Directors of the Abu Dhabi National Insurance Company PJSC held their third meeting of the year 2024 on May 9th. The agenda included the adoption of the meeting's agenda, approval of previous meeting minutes, review and approval of the company's Q1 2024 financial statements, review of board committee recommendations, and review of findings from the Central Bank regarding anti-money laundering and climate-related financial risks. Other matters were also discussed. The meeting was authorized by Omar Khedr, the Board Secretary.

Abu Dhabi National Insurance Company PJSC (ADNIC) has announced the acquisition of 51% of the share capital of Allianz Saudi Fransi Cooperative Insurance Company, a joint stock company listed on the Saudi Exchange and operating in the insurance sector. The acquisition is valued at USD 133,068,800 (SAR 499,008,000) at a weighted average price of approximately SAR 16.3075 per share. The transaction is part of ADNIC's strategic plan to expand its presence in the Saudi Arabian market, optimize operating model efficiencies, and boost its consumer retail portfolios.