Adnic shareholders approve cash dividends of 45 per cent
Abu Dhabi National Insurance Company (Adnic) has approved the distribution of 45 per cent cash dividends (Dhs0.45 per share, implying total cash dividends of Dhs256.5 million) for the financial year ended 31st December 2024, after concluding its Annual General Meeting (AGM).
Shareholders discussed and approved all items on the agenda for the AGM, including Adnic's financial statements for the year ended December 31st, 2024.
Sheikh Mohamed bin Saif Al Nahyan, Chairman of Adnic, said, 'Adnic presented yet another set of exceptional results in 2024, driven by a solid underwriting and investment performance, and our regional expansion, following the recent acquisition of Allianz Saudi Fransi, which is now rebranded to Mutakamela Insurance Company. We would like to thank our shareholders for their continued trust in our journey. The distribution of cash dividends underscores our commitment to providing consistent returns on their investments.
'2024 stands as a milestone year for Adnic, where we delivered the highest ever reported total Insurance Revenue as well as overall net profit. In line with the UAE leadership declaring 2025 as the Year of Community, Adnic reiterates its commitment to providing quality insurance solutions which will contribute positively towards our society's unity, shared responsibility and overall wellbeing.' Charalampos Mylonas, CEO of Adnic, said, 'Adnic is committed to providing innovative and accessible solutions, and to driving operational growth. This is demonstrated by our solid net profit performance for the year and is further evidenced by our distribution of cash dividends. We are proud to not only provide exceptional value for our customers, but also consistent returns for our shareholders.
'Looking forward, we are focused on further enhancing our product and solutions suite, embracing technology, and reinforcing our position locally and beyond.'
Meanwhile Abu Dhabi National Insurance Company (Adnic) has announced that for the six-month period ended 30th June 2024, profit before tax has grown by 10 per cent year-on-year to Dhs224.3 million, while net profit reached Dhs205.2 million.
The company said, 'At a consolidated Group level, Total Assets have increased by 41 per cent to Dhs10.9 billion compared to Dhs7.7 billion as of 31st December 2023. Total Shareholders' Equity stood at Dhs3.2 billion.'
Sheikh Mohamed bin Saif Al-Nahyan, Chairman of Adnic, said, 'Our accomplishments demonstrate our commitment to operational excellence and strategic foresight. Looking ahead, Adnic's strong financial foundation and skilled team position us for sustained growth and innovation, delivering value for shareholders and contributing to the regional insurance sector's development.'
Total insurance revenue has grown by 54 per cent year-on-year to reach an all-time high of Dhs3.3 billion, compared to Dhs2.1 billion for the same period in 2023.
Net insurance service results have grown by 15 per cent year-on-year to reach Dhs204.3 million, against Dhs178.1 million for the same period in 2023.
This reflects the robustness, strong underwriting, and analytical discipline in the way Adnic business is managed and produced.
Charalampos Mylonas, CEO of Adnic, said, 'Adnic has achieved a record Gross Written Premium (GWP) of Dhs4,406.0 million, which represents a surge of 47 per cent compared to the same period last year.'
Abu Dhabi National Insurance Company (Adnic) has delivered a strong net profit before tax of Dhs111.8 million for the first quarter of 2024, underlining the company's robust financial performance and strategic growth initiatives.
This strong performance is underpinned by Adnic's robust underwriting discipline and healthy growth in key metrics. The company's net insurance service result stood at Dhs103.2 million for the quarter, and it achieved a record Gross Written Premium (GWP) of Dhs3,031 million—a substantial growth of 49.9 per cent compared to the same period last year.
Strategic asset allocation adjustments implemented in 2023 continue to pay dividends. Net income from investments for the first quarter of 2024 increased by 17.4 per cent to Dhs54.4 million, driven by higher interest and coupon income, along with mark-to-market gains.
Commenting on Adnic's performance, Sheikh Mohamed Bin Saif Al-Nahyan, Chairman of Adnic, said, 'Adnic continues to deliver strong financial performance, reflected in our net profit before tax of Dhs111.8 million for the first quarter of 2024. We also achieved a record Gross Written Premium of Dhs3,031 million this quarter, a testament to our robust underwriting capabilities and strategic asset management. These successes reflect our dedication to operational excellence and strategic foresight, positioning Adnic for sustained growth and innovation in the insurance sector.'
He added: 'Following the strong close to the first quarter, Adnic achieved a significant milestone with the successful acquisition of Allianz Saudi Fransi Cooperative Insurance Company.
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