Abu Dhabi National Insurance Company

The Abu Dhabi National Insurance Company PJSC reported strong underwriting performance and increased net retention for the third quarter of 2023, despite increased expenses due to investment in technology and digital transformation. The company's investment income results were excellent, driven by changes in asset allocation and favorable market conditions. The new accounting standard (IFRS 17) has been applied since 1 January 2023, but its impact on company performance is not significant. The company has entered into a binding agreement to acquire 51% of Allianz Saudi Fransi Cooperative Insurance Company for USD 133,068,800, aiming to extend its presence into the Saudi Arabian market. The acquisition is expected to close in the coming quarters. The company has also collaborated with Emirates Nature-WWF for local conservation projects and signed the UAE Climate Responsible Companies Pledge. It has also contributed AED 2 million to social causes and launched the 'Mawhoob' programme for UAE Nationals' career development.

The Abu Dhabi National Insurance Company (ADNIC) reported a net profit of AED 301.9 million for the nine months ending 30 September 2023, a 16.2% increase from the same period the previous year. This was attributed to their underwriting and investment performance. The company is also in the process of acquiring a 51% stake in the Allianz Saudi Fransi Cooperative Insurance Company, expanding its reach beyond the UAE to the wider GCC region. ADNIC has also committed to sustainability initiatives, signing the UAE Climate Responsible Companies Pledge. A development initiative, the Mawhoob Programme, was launched for UAE Nationals to provide technical expertise and leadership skills. ADNIC's total insurance revenue stood at AED 3.33 billion for the nine months ending 30 September 2023, compared to AED 3.41 billion in 2022. The net insurance service result was AED 271.4 million, compared to AED 291.4 million in 2022. Net income from investment increased to AED 158.9 million, up from AED 93.8 million in 2022.

The Abu Dhabi National Insurance Company (ADNIC) has reported strong financial results for the nine months ending 30 September 2023. The company's underwriting performance was robust, with a combined ratio of 87.9% and net insurance service results of AED 271.4 million. Investment income increased by 69.4% to AED 158.9 million, primarily due to higher interest and coupon incomes and mark-to-market gains. As a result, ADNIC's net profit was AED 301.9 million, a 16.2% increase compared to the same period in the previous year. The company is also in the process of acquiring a 51% stake in the Allianz Saudi Fransi Cooperative Insurance Company in Saudi Arabia, as part of its growth strategy. ADNIC is committed to sustainability and plans to participate in COP28 to collaborate on industry sustainability actions.

The Board of Directors of Abu Dhabi National Insurance Company PJSC held a meeting on 13/11/2023, with seven members present. The Board approved the meeting agenda, the minutes of the previous meeting, the company's financial statements for Q3 2023, the corporate governance policy, and updated compliance program policies related to AML & CFT and TFS. The meeting was authorized by the Board Secretary, Raed Khalil Haddadin.

The following text is an investor presentation by Abu Dhabi National Insurance Company P.J.S.C. detailing their earnings results for Q3 2023.

Resolution No. (238) of 2023 temporarily suspends the trading of shares of Abu Dhabi National Insurance Company (ADNIC). This decision was made due to the coincidence of the trading session at ADX with a Board of Directors Meeting of ADNIC scheduled for 11:00 on 13-Nov-2023. The suspension starts from 09:30 on 13-Nov-2023 and will last until ADX receives the meeting results. All department heads in ADX are expected to execute this resolution in their respective fields. The resolution will be circulated to SCA, the concerned company, all departments at ADX, and all brokers accredited by ADX. The resolution was approved by the authorised person and issued on 07/11/2023.

Abu Dhabi National Insurance Company PJSC has announced the resignation of Mr. Raed Khalil Haddadin, who serves as the Executive Vice President & Chief Legal and Compliance Officer. The resignation will be effective from 1/1/2024, as informed to the Disclosure & Compliance Section of the Abu Dhabi Securities Exchange (ADX) as per the regulations of the SCA Board of Directors' Decision No. (3) of 2000.