emirates7 - Abu Dhabi National Insurance Company (ADNIC) has announced its financial results for the first nine months of 2024, reporting a net profit before tax of AED 342.5 million, reflecting the company's strong financial performance and successful implementation of strategic growth initiatives.
Following ADNIC's acquisition of a 51% stake in Allianz Saudi Fransi Cooperative Insurance Company (ASF) in Saudi Arabia, the financial results include the full consolidation of ASF's performance from the completion of the transaction.
For the nine months ending 30th September 2024, ADNIC’s profit before tax increased by 13.5% year-on-year, reaching AED 342.5 million. The consolidated total assets of both companies stood at AED 12 billion, marking a 55.6% increase, while total shareholders' equity grew by 16.1% to AED 3.4 billion.
Sheikh Mohamed Bin Saif Al-Nahyan, Chairman of ADNIC, commented, "As we approach the end of a unique and challenging year for our industry, we are positioning ADNIC to take advantage of emerging opportunities in the insurance sector. Our international expansion reflects our commitment to creating sustainable value for shareholders and supporting the growth of the region's insurance market as we aim to become the region's leading insurer."
Charalampos Mylonas, CEO of ADNIC, highlighted the company's strong financial results, noting an all-time high in Gross Written Premium (GWP) of AED 6.1 billion, representing a 56% increase compared to the same period last year. This growth was achieved alongside consistent operating profit growth, aligned with ADNIC’s strategic goals.
Insurance revenue surged by 57.2% year-on-year to reach AED 5.2 billion, while insurance service results grew by 13.7% to AED 308.5 million. Net investment income increased by 27.3% year-on-year, reaching AED 202.3 million, demonstrating the company's ability to maintain resilience amid emerging market conditions and trends.
Following ADNIC's acquisition of a 51% stake in Allianz Saudi Fransi Cooperative Insurance Company (ASF) in Saudi Arabia, the financial results include the full consolidation of ASF's performance from the completion of the transaction.
For the nine months ending 30th September 2024, ADNIC’s profit before tax increased by 13.5% year-on-year, reaching AED 342.5 million. The consolidated total assets of both companies stood at AED 12 billion, marking a 55.6% increase, while total shareholders' equity grew by 16.1% to AED 3.4 billion.
Sheikh Mohamed Bin Saif Al-Nahyan, Chairman of ADNIC, commented, "As we approach the end of a unique and challenging year for our industry, we are positioning ADNIC to take advantage of emerging opportunities in the insurance sector. Our international expansion reflects our commitment to creating sustainable value for shareholders and supporting the growth of the region's insurance market as we aim to become the region's leading insurer."
Charalampos Mylonas, CEO of ADNIC, highlighted the company's strong financial results, noting an all-time high in Gross Written Premium (GWP) of AED 6.1 billion, representing a 56% increase compared to the same period last year. This growth was achieved alongside consistent operating profit growth, aligned with ADNIC’s strategic goals.
Insurance revenue surged by 57.2% year-on-year to reach AED 5.2 billion, while insurance service results grew by 13.7% to AED 308.5 million. Net investment income increased by 27.3% year-on-year, reaching AED 202.3 million, demonstrating the company's ability to maintain resilience amid emerging market conditions and trends.