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

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.

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.