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.

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.

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.

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.

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.

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.

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.

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.