Abu Dhabi National Insurance Company

Ticker/ISIN

ADNIC

AEA001101012

Market/Country

Abu Dhabi Stock Exchange

United Arab Emirates

About Abu Dhabi National Insurance Company

Abu Dhabi National Insurance Company P.S.C. (the Company) is a public shareholding company incorporated in Abu Dhabi, UAE, by Law No.(4) of 1972

Latest Pressrelease Summaries from Abu Dhabi National Insurance Company

The document is a review report and condensed consolidated interim financial information for Abu Dhabi National Insurance Company PJSC and its subsidiaries, covering the nine-month period ending on September 30, 2024. The principal business address is Abu Dhabi National Insurance Company PJSC, P.O. Box 839, Abu Dhabi, UAE.

ADX Disclosures: ADNIC Resumption Notice

a month ago

Abu Dhabi National Insurance Company (ADNIC) has reported strong financial performance for the nine-month period ending September 30, 2024. The company successfully integrated its newly acquired subsidiary, Allianz Saudi Fransi Cooperative Insurance Company, in Saudi Arabia, aligning it with ADNIC’s operations. Key financial results include a 57.2% year-on-year increase in insurance revenue, reaching AED 5.2 billion, and a 13.7% rise in the insurance service result to AED 308.5 million. Despite challenges in the UAE insurance market, ADNIC achieved double-digit growth in critical KPIs. Net investment income grew by 27.3% to AED 202.3 million, and the net financial result increased by 18.4% to AED 508.7 million. Profit before tax rose by 13.5% to AED 342.5 million, with a profit after tax of AED 307.8 million. The company continues to focus on automation and accessibility in its strategic initiatives.

Disclosures: Abu Dhabi National Insurance Company Management Report for the Period Ended September 30,2024

a month ago

Abu Dhabi National Insurance Company PJSC reported strong financial performance for the third quarter of 2024. The company achieved a combined ratio of 93% and net insurance service results of AED 308.5 million. Gross Written Premiums reached a record AED 6.1 billion, marking a 56% increase from the previous year. Investment income for the nine-month period rose by 27.3% to AED 202.3 million. Despite challenges in the UAE insurance market due to floods, ADNIC was the only top-tier company to achieve double-digit growth in its insurance service results, which increased by 13.7% year-on-year. As of September 30, 2024, total assets grew by 55.6% to AED 12 billion, with shareholders’ equity at AED 3.4 billion. Strategically, ADNIC completed the acquisition of a 51% stake in Allianz Saudi Arabia Cooperative Insurance Company, enhancing its regional presence. The company remains committed to sustainability, risk management, and innovation, including establishing an AI-specific data management unit. No new securities were issued during the period.

Disclosures: Abu Dhabi National Insurance Company Management Discussion and Analysis Report for the Period Ended September 30,2024

a month ago

The Board of Directors of Abu Dhabi National Insurance Company (ADNIC) reported the financial results for the nine-month period ending September 30, 2024. ADNIC successfully acquired a 51% stake in Allianz Saudi Fransi Cooperative Insurance Company (ASF) in Saudi Arabia, with results consolidated from April 17, 2024. The Group, including ASF, showed strong performance with net insurance service results of AED 308.5 million, a 13.7% increase year-on-year, despite earlier flood events. Insurance revenue grew by 57.2% to AED 5.2 billion. Consolidated net investment income rose by 27.3% to AED 202.3 million. The Group achieved a net profit before tax of AED 342.5 million, a 13.5% increase from the previous year. The Board expressed gratitude to UAE leadership and emphasized ADNIC's strong financial foundation and skilled management, positioning it to seize emerging opportunities and support regional insurance industry growth.

Disclosures: Abu Dhabi National Insurance Company Board of Directors' Report for the Period Ended September 30,2024

a month ago

The Abu Dhabi National Insurance Company PJSC held its Board of Directors Meeting No. 7/2024 on Monday, November 11, 2024, from 11:00 am to 12:00 pm. Seven board members were present, meeting the quorum requirement of five out of nine. The board approved the meeting agenda, the minutes from previous meetings No. 5/2024 and No. 6/2024, and decisions made by circulation. They also approved the company's financial statements for the third quarter of 2024 and the recommendations of the board committees. The meeting was documented by Board Secretary Omar Khedr.

Disclosures: Abu Dhabi National Insurance Company Board Meeting Results held on 11/11/2024 at 11:00am

a month ago

Resolution No. (502) of 2024 announces the temporary suspension of trading for the shares of Abu Dhabi National Insurance Company (ADNIC) on the Abu Dhabi Securities Exchange (ADX) due to a Board of Directors meeting scheduled for 11:00 on November 11, 2024, which coincides with the trading session. Trading will resume once ADX receives the meeting results. The resolution requires all ADX department heads to implement it within their areas and mandates its circulation to the Securities and Commodities Authority (SCA), ADNIC, all ADX departments, and accredited brokers. The resolution was approved by the authorized person and issued on November 6, 2024.

ADX Disclosures: Temporary suspension of trading on the shares of Abu Dhabi National Insurance Company on 11 Nov 2024

a month ago

The Abu Dhabi National Insurance Company PJSC has scheduled a Board of Directors meeting, No. 7/2024, on Monday, November 11, 2024, at 11:00 am. The agenda includes the adoption of the meeting agenda, approval of minutes from previous meetings held on July 11 and August 8, 2024, and decisions made by circulation. The board will also review and approve the company's financial statements for the third quarter of 2024, consider recommendations from board committees, and address any other matters. 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.

Disclosures: Abu Dhabi National Insurance Company Announcement of Board Meeting to be held on 11/11/2024 at 11:00am

2 months ago

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.

Disclosures: Abu Dhabi National Insurance Company Management Report for the Period Ended June 30,2024

4 months ago

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Abu Dhabi Stock Exchange News

News Update From Abu Dhabi National Insurance Company 9 months ago

ADX Disclosures: Temporary suspension of trading on the shares of Abu Dhabi National Insurance Company on 26 Mar 2024

Resolution No. 345 of 2024 has temporarily suspended trading of shares for Abu Dhabi National Insurance Company. This decision was made due to the company's failure to submit their Assembly meeting results. The suspension will remain in effect from 26th March 2024 until the results are disclosed. All department heads in ADX are required to implement this resolution. The resolution will be circulated to SCA, the concerned company, all ADX departments, and all brokers accredited by ADX. The resolution was approved by the authorized person and issued on 26th March 2024.

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Abu Dhabi Stock Exchange News

News Update From Abu Dhabi National Insurance Company 9 months ago

Disclosures: Abu Dhabi National Insurance Company Announcements - Clarifying Disclosure Regarding the Approval of Agencies

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Abu Dhabi Stock Exchange News

News Update From Abu Dhabi National Insurance Company 9 months ago

Disclosures: Abu Dhabi National Insurance Company Invitation to Attend AGM to be held on 25/03/2024 at 15:00pm

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Abu Dhabi Stock Exchange News

News Update From Abu Dhabi National Insurance Company 9 months ago

Disclosures: Abu Dhabi National Insurance Company - Board Resolution By Circulation

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Abu Dhabi Stock Exchange News

News Update From Abu Dhabi National Insurance Company 9 months ago

Disclosures: Abu Dhabi National Insurance Company Sustainability Report

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ADX News

News Update From Abu Dhabi National Insurance Company 10 months ago

ADX Disclosures: ADNIC Resumption Notice

The text provides information about the consolidated financial statements of Abu Dhabi National Insurance Company PJSC and its subsidiary as of 31 December 2023. The principal business address of the company is provided, which is located in Abu Dhabi, UAE.

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ADX News

News Update From Abu Dhabi National Insurance Company 10 months ago

Disclosures: Abu Dhabi National Insurance Company Corporate Governance Report for the year December 31,2023

The text is a 2023 Corporate Governance Report from the Abu Dhabi National Insurance Company PJSC. The document was authenticated via DocuSign with the Envelope ID: C619C4C3-66BB-4D6E-921A-9C42861195B3.

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ADX News

News Update From Abu Dhabi National Insurance Company 10 months ago

Disclosures: Abu Dhabi National Insurance Company Financial Results for the Period Ended December 31,2023

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.

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ADX News

News Update From Abu Dhabi National Insurance Company 10 months ago

Disclosures: Abu Dhabi National Insurance Company Management Discussion and Analysis Report for the Period Ended December 31,2023

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.

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ADX News

News Update From Abu Dhabi National Insurance Company 10 months ago

Disclosures: Abu Dhabi National Insurance Company Management Report for the Period Ended December 31,2023

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.

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