logo
ADNIC records Dh133.3 million net profit before tax in Q1

ADNIC records Dh133.3 million net profit before tax in Q1

Al Etihad14-05-2025

14 May 2025 11:45
ABU DHABI (WAM) Abu Dhabi National Insurance Company (ADNIC) has delivered strong financial results for the first quarter of 2025. It reported a net profit before tax of Dh133.3 million, marking a 19.2 percent increase compared to the same period in 2024 as a result of strong underwriting and investment performance.ADNIC swiftly completed its integration and rebranding efforts following the successful acquisition of a 51 percent stake in Allianz Saudi Fransi Cooperative Insurance Company (ASF) in 2024. ASF now operates as Mutakamela Insurance Company, under ADNIC's strategic direction, reinforcing ADNIC's presence in Saudi Arabia and supporting the company's ambition to be a leading insurance player across the GCC.Mutakamela's performance is fully consolidated into the Group's financial results from the effective date of the acquisition and will continue to contribute to ADNIC's long-term growth.Chairman of ADNIC, Sheikh Mohamed bin Saif Al-Nahyan, commented on ADNIC's performance, 'ADNIC began 2025 strong, where we built upon our momentum in 2024 to achieve solid growth across our core businesses, while maintaining robust underwriting discipline. Despite ongoing macroeconomic and industry-specific challenges, the Group continues to demonstrate resilience and agility."Our recent strategic expansion efforts in Saudi Arabia continue to reflect our aspiration of becoming the leading insurance provider across the region.'
Chief Executive Officer of ADNIC, Charalampos Mylonas, said, "We made the best possible start to the year, delivering strong financial results supported by resilient underwriting, cost discipline, and strategic expansion.'

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Nahyan attends anniversary celebration of ‘Kalayaan 2025'
Nahyan attends anniversary celebration of ‘Kalayaan 2025'

Gulf Today

time02-06-2025

  • Gulf Today

Nahyan attends anniversary celebration of ‘Kalayaan 2025'

Sheikh Nahyan Bin Mubarak Al Nahyan, Minister of Tolerance and Coexistence, attended a major celebration marking the 127th anniversary of Philippine independence 'Kalayaan 2025.' The event, hosted at Dubai World Trade Centre and organised by the 'Emirates Loves Philippines' platform in collaboration with Dubai Police, brought together over 40,000 members of the Filipino community in the UAE, along with government officials, diplomats, and social and economic figures from the community. In his opening speech, Sheikh Nahyan congratulated the Filipino community on this important national day, and said: 'I am delighted to be with you this evening to celebrate the 127th Anniversary of Philippine Independence.' 'On behalf of the people of the United Arab Emirates, I extend our heartfelt congratulations and warmest greetings to the people of the Philippines here and around the world. This day marks not only your independence, but your enduring spirit of resilience, community, and optimism. It is a day of pride, and one you have every reason to celebrate,' the Minister said. He added that the UAE is pleased to call the Philippines a close friend and valued partner. Across this nation, and across the decades, hundreds of thousands of Filipino people have made their mark. Your knowledge, skills, creativity, and compassion have enriched many sectors of our society – from healthcare and education to hospitality, finance, entrepreneurship, and the arts. Sheikh Nahyan emphasised that although our two countries may be separated by geography, we are united by shared values: openness, optimism, mutual respect, and a belief in the dignity of every individual. He noted that the UAE's success story is a shared story. 'We are a global crossroads. A place where more than 200 nationalities live and work side by side. A place where peace and prosperity are made possible by welcoming people from every walk of life.' He affirmed that under the visionary leadership of His Highness the President, Sheikh Mohammed Bin Zayed Al Nahyan, and with the unwavering support of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, and of all of our national leaders, the country has embraced human fraternity, coexistence, compassion, and achievement as national pillars. 'This celebration today,' the Minister stated, 'is a reflection of that vision. It is a reflection of how the UAE honours every culture and every heritage that we host in our country, as well as the role that each community plays in building this great nation.' He went on to say, 'In that spirit of inclusion, unity, and celebration, I would like to share with you a new national initiative that is very close to my heart.' Announcing the initiative, Sheikh Nahyan said that as Minister of Tolerance and Coexistence, and in partnership with Sandooq Al Watan, a writing competition titled 'What the UAE Means to Me' has been launched. He clarified that this initiative, aligned with the Year of Community, is a call to every resident – young and old, citizens and expatriates, professionals and students – to share their story and their voice. 'This competition,' he explained, 'invites participants to reflect on what the UAE has meant to them. Submissions can be a short story, a poem, a letter, an essay, or another creative expression, and written in either Arabic or English.' He expressed confidence that many of the most moving and powerful entries will come from the Filipino community – from those who arrived with a dream and built a future, from mothers and fathers raising families, from nurses and teachers, from innovators and caregivers, and from artists and engineers. 'Your stories matter,' the Minister emphasised, 'and the rest of us would love to hear from you.' He urged everyone to visit the website and submit their entries. He called on the audience, saying, 'Please encourage your families, your children, your co-workers, and your neighbours. Invite them to put into words their experience of life in the UAE. Let your stories inspire others, and let your words help express what makes our country so uniquely united in diversity.'

Nahyan bin Mubarak receives outgoing Egyptian ambassador
Nahyan bin Mubarak receives outgoing Egyptian ambassador

Sharjah 24

time30-05-2025

  • Sharjah 24

Nahyan bin Mubarak receives outgoing Egyptian ambassador

Appreciation for strengthening UAE-Egypt ties During the meeting, Sheikh Nahyan bin Mubarak expressed his appreciation for the ambassador's efforts in strengthening bilateral relations between the UAE and Egypt. Advancing bilateral cooperation He also highlighted the significant progress witnessed in recent years across various areas of cooperation, crediting the continuous coordination and shared vision of the two nations' leadership. Ambassador expresses gratitude The Egyptian Ambassador conveyed his appreciation and gratitude to the UAE's leadership and people for the support and collaboration extended to him throughout his term. UAE as a model of success He praised the UAE's remarkable cultural and developmental progress, describing it as a regional and global model of success. Farewell wishes and continued partnership At the end of the meeting, Sheikh Nahyan wished the ambassador success in his future assignments and reiterated the enduring fraternal ties between the UAE and Egypt that continue to serve shared interests and enhance regional security and stability.

Dubai Hosts SAMENA Summit Urging Inclusive and Sustainable Digital Transformation
Dubai Hosts SAMENA Summit Urging Inclusive and Sustainable Digital Transformation

Hi Dubai

time27-05-2025

  • Hi Dubai

Dubai Hosts SAMENA Summit Urging Inclusive and Sustainable Digital Transformation

Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Tolerance and Coexistence, inaugurated the SAMENA Council Leaders' Summit 2025 in Dubai today, calling for smarter, inclusive, and human-centric digital transformation across the region. Held under the patronage of the Telecommunications and Digital Government Regulatory Authority (TDRA), the summit brought together policymakers, regulators, and tech leaders from across South Asia, the Middle East, and North Africa to address the evolving digital landscape. In his keynote, Sheikh Nahyan declared that digital transformation in the UAE is no longer an ambition but a lived reality, crediting the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan. He cited the UAE's early adoption of AI governance, digital skills investment, and the establishment of the world's first AI ministry as signs of its proactive strategy. He highlighted advancements in 5G, AI, and cloud infrastructure as key enablers reshaping sectors from healthcare to finance. Yet, he cautioned that global volatility, including protectionist trade policies, poses serious risks to supply chains and emerging market growth. 'Disruption also presents opportunity,' Sheikh Nahyan said, urging the region to strengthen innovation ecosystems, invest in future skills, and promote digital cooperation. He identified artificial intelligence as the defining force of the era—transformative yet fraught with ethical, security, and workforce challenges. Reflecting on the summit's theme—'Intelligent & Sustainable Transformation of Digital Economies'—he stressed that digital success hinges on responsible application and social impact. Throughout the day, the summit served as a high-level forum for regional collaboration, reinforcing the need for unified digital progress and resilient infrastructure to shape a secure, inclusive digital future. News Source: Emirates News Agency

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store