ADNIC Achieves AED 342.5 Million Net Profit Before Tax In First Nine Months Of 2024

Abu Dhabi National Insurance Company (ADNIC) has reported its financial results for the first nine months of 2024. The company achieved a net profit before tax of AED342.5 million, showcasing strong financial health and effective strategic growth execution. This performance includes the full consolidation of Allianz Saudi Fransi Cooperative Insurance Company's (ASF) results following ADNIC's acquisition of a 51% stake in ASF.

For the period ending 30th September 2024, ADNIC's profit before tax increased by 13.5% year-on-year to AED342.5 million. The combined assets of both companies reached AED12 billion, marking a 55.6% growth, while total shareholders' equity rose by 16.1% to AED3.4 billion.

Sheikh Mohamed Bin Saif Al-Nahyan, Chairman of ADNIC, commented on the company's performance: "As we are coming towards the completion of this very unique and extremely challenging year for our industry, we are positioning ADNIC to capitalise on suitable emerging opportunities in the insurance sector."

Charalampos Mylonas, CEO of ADNIC, highlighted the company's achievements: "ADNIC continues to deliver exceptional financial results, achieving an all-time record Gross Written Premium (GWP) of AED6.1 billion, representing a growth of 56% compared to the same period last year whilst continuing to deliver simultaneous and consistent operating profit growth in line with our pedigree and strategic objectives."

Insurance revenue surged by 57.2% year-on-year, reaching an unprecedented AED5.2 billion. The insurance service results also saw a significant increase of 13.7%, amounting to AED308.5 million.

Investment Income and Market Resilience

Net investment income experienced a robust growth of 27.3% year-on-year, totalling AED202.3 million. This reflects the strength of ADNIC's asset allocation strategy amidst evolving market conditions and trends.

The international expansion efforts underscore ADNIC's dedication to providing sustainable value for shareholders while fostering regional insurance industry growth as it aims to become a leading insurer in the region.

ADNIC's financial performance in these nine months demonstrates its resilience and adaptability in navigating challenging market environments while pursuing strategic growth opportunities effectively.

With inputs from WAM