ADNIC delivers robust performance in Q1'25 with net profit before tax of AED 133.3mln
Abu Dhabi, UAE: Abu Dhabi National Insurance Company (ADNIC), one of the leading regional multi-line insurance providers for both corporates and individuals, has delivered strong financial results for the first quarter of 2025. ADNIC reported a net profit before tax of 133.3 million, marking a 19.2% increase compared to the same period in 2024 as a result of strong underwriting and investment performance. ADNIC's results reflect its ability to adapt and grow despite evolving market dynamics.
ADNIC swiftly completed its integration and rebranding efforts following the successful acquisition of a 51% 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 our 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.
Commenting on ADNIC's performance, Sheikh Mohamed Bin Saif Al-Nahyan, Chairman of ADNIC, said: '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 continues to reflect our aspiration of becoming the leading insurance provider across the region.'
Charalampos Mylonas, Chief Executive Officer of ADNIC said: "We made the best possible start to the year delivering strong financial results supported by resilient underwriting, cost discipline, and strategic expansion. Our successful integration and rebranding of Mutakamela Insurance Company in Saudi Arabia, continues to reflect our commitment to strengthening our regional presence and advancing our position as a leading insurance provider across the GCC as well as our focus to delivering long-term value for all our stakeholders.'
Key financial highlights:
Total Insurance Revenue: For the three-month period ended 31 March 2025, ADNIC's total insurance revenue reached AED 2.0 billion, compared to AED 1.6 billion in Q1 2024.
Net Insurance Service Result: ADNIC's net insurance service result stood at AED 141.4 million for Q1 2025, up from AED 103.2 million in the same period last year.
Net Income from Investments: Investment income increased by 31.3% to AED 71.4 million, compared to AED 54.4 million for the same period in 2024.
Other Operating Expenses: Operating expenses for Q1 2025 were AED 56.3 million, versus AED 49.7 million in Q1 2024, reinforcing our focus on cost control.
Profit Before Tax: Profit before tax rose to AED 133.3 million, marking a 19.2% increase year-on-year.
Profit After Tax: Profit after tax for the period was AED 119.6 million, compared to AED 100.9 million in the same quarter of the previous year.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Tahawul Tech
an hour ago
- Tahawul Tech
Japanese giant FUJIFILM opens new offices at Expo City in bid to expand its regional footprint
FUJIFILM Middle East and Africa has announced the inauguration of its new offices at Expo City Dubai, – an innovation-driven, people-centric community designed as a blueprint for sustainable urban living and the new centre of Dubai's future. The site will also host the FUJIFILM Technology Center (FTC) to support the training of employees, business partners, and end-users in the Middle East, Africa, Europe, and Asia. FUJIFILM brings world-renowned expertise and innovations to some of the region's vital sectors. As a global leader in healthcare, imaging and printing technologies, the firm supplies cutting-edge solutions in the UAE such as innovative diagnostic imaging systems helping raise the standard of care in the country and contributing to its development goals. The company is also preparing to launch AI-driven screening centers (NURA) in the region, reflecting its commitment to early detection and better health outcomes. Over the past five years, FUJIFILM has more than doubled its number of staff across its offices in the UAE, Saudi Arabia, Qatar, Egypt, Morocco, and South Africa. The establishment of its new offices in the UAE is part of the company's future-facing mindset, as well as efforts to increase proximity to end-consumers and key partners. The company also recorded impressive annual performance in 2024 and is looking to repeat the feat this year with an expected double-digit growth. H.E. Ken Okaniwa, Ambassador of Japan to the UAE, said: 'We welcome the inauguration of FUJIFILM's new offices and Technology Center in Expo City Dubai. This new investment by Japan's top company in healthcare, imaging and printing reflects the excellent relations between Japan and the UAE as well as the strategic position of the UAE as a global hub for business. I look forward to FUJIFILM's technologies contributing to better healthcare, promotion of industries and human capacity development.' Manal AlBayat, Chief Engagement Officer, Expo City Dubai, said: 'With its technologies used in vital sectors and its commitment to knowledge-sharing, FUJIFILM's choice of Expo City Dubai for its new offices and Technology Center reinforces the city's position as a hub for global businesses driving innovative solutions in the UAE and beyond. We are proud to welcome FUJIFILM to our innovation- and sustainability-focused community – an ecosystem where like-minded entities collaborate to drive meaningful progress.' The FUJIFILM Technology Center (FTC) is equipped with a comprehensive range of FUJIFILM solutions for live demonstrations, allowing visitors to try and test multiple products and services. Underscoring the global importance of the center for the company, Masataka Akiyama, President and CEO of FUJIFILM Europe, also stated: 'Our investment in the new offices and FUJIFILM Technology Center is a powerful enabler for product showcases, including a full-fledged center with hands-on training and lectures delivered by professionals in the UAE, Egypt, and Morocco. We are now also inviting imaging and printing experts to our new Dubai office space to facilitate the exchange of ideas and support the delivery of unrivaled solutions to our customers. The FUJIFILM Technology Center will be invaluable asset in the efforts to leverage our rich heritage of innovation and continue to serve as a benchmark for progress in the region.' Michio Kondo, Managing Director of FUJIFILM Middle East and Africa, commented: 'With the opening of our new offices at Dubai Expo City, FUJIFILM is starting the next exciting chapter of our success story in the Middle East. As we look to deepen our contribution to the region's prosperity and the wellbeing of its people by providing value through innovation and purpose-driven growth, our new space will be a focal point for co-creation, training, new partnerships, and the development of high-tech solutions to help enhance lives and economies.' At the end of last year, FUJIFILM signed six Memorandums of Understanding (MoUs) with prominent healthcare and medical institutions in Saudi Arabia. These partnerships aim to enhance healthcare solutions by promoting digitalization, improving efficiency, and delivering better patient outcomes, underscoring FUJIFILM's enduring collaboration with regional and Saudi organizations. FUJIFILM Middle East and Africa will also extend its commitment to the development of the region's talent, with plans to introduce new hires to support FTC operations and cement the company's leading role in knowledge sharing.
Gulf Today
2 hours ago
- Gulf Today
Space sector key to future and sustainable growth in UAE, says Sheikh Hamdan
Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of the Supreme Space Council, met with representatives of leading space sector startups operating in the UAE. The meeting is part of Sheikh Hamdan's keenness to advance the national space ecosystem and further promote its role as a global leader in the space industry. Sheikh Hamdan underscored the importance of strong partnerships and strategic collaboration between the public and private sectors as a foundation for developing an advanced and innovative space ecosystem. He highlighted that continuous innovation and long-term investment in future technologies are essential to this progress. Sheikh Hamdan also expressed confidence in the capabilities of UAE-based companies and entrepreneurs, noting their crucial role in driving the growth of the local space industry and strengthening the country's position as a leading global hub in this strategic field. Sheikh Hamdan also highlighted the space sector as a vital driver of the future and sustainable economic growth. He stressed the UAE's ongoing efforts to build a supportive environment that fosters the growth of national companies and unlock new opportunities for investment and innovation, boosting the country's global competitiveness and leadership in space. The private sector is leading the space scene in the UAE, reaffirming the maturity of national investments that have been established over the past three decades. A number of the UAE-based companies took part in the meeting, representing a wide range of specialisations, including locally developed Internet of Things (IoT) solutions, artificial intelligence and remote sensing, commercial space ecosystem development, edge computing for robotics applications, high-resolution Earth observation via microsatellites, as well as AI systems, robotics, interactive simulation technologies, and reusable space launch systems. Participants shared insights into their current projects, long-term strategies, and future investment plans in support of the national economy. Discussions focused on strengthening public-private collaboration, expanding operations both locally and internationally, and exploring promising opportunities within the UAE's growing space sector—highlighting the private sector's central role in shaping a globally competitive and integrated space industry. Company representatives reaffirmed their commitment to the UAE's space ambitions and outlined plans to expand their operations within the country. They praised the UAE's flexible regulatory framework and advanced infrastructure as key enablers of sustained investment. Attendees also welcomed initiatives such as the Space Economic Zones Programme, which they said play a vital role in enabling collaboration and fostering long-term, sustainable growth across the space ecosystem. The meeting was attended by Dr Ahmad Belhoul Al Falasi, Minister of Sports, Secretary-General of the Supreme Space Council, and Chairman of the Board of Directors of the UAE Space Agency; Khalid Al Awadi, founder of Rimal; Ibrahim Al Obaidly, founder of Ardhiyat Al Ibdaa Information Solutions; David Critchley, CEO of 4EI; Dr Hamdullah Mohib, CEO of Marlan Space; Alex Lapir, CEO of Aliensense; Abdulhalim Jallad, co-founder of Oryx Space; and Stan Rudenko, CEO of Aspire Space Technology. WAM
Sharjah 24
2 hours ago
- Sharjah 24
Hamdan bin Zayed receives Ambassador of Russian Federation to UAE
Discussed bilateral relations and explored avenues to strengthen and expand cooperation During the meeting, they discussed bilateral relations and explored avenues to strengthen and expand cooperation across political, economic, and cultural fields. The discussions focused on fostering mutual interests and reinforcing ties between the two nations. Praised the robust relations between the UAE and Russia His Highness Sheikh Hamdan praised the robust relations between the UAE and Russia, emphasising the commitment of the UAE's leadership, under President His Highness Sheikh Mohamed bin Zayed Al Nahyan, to bolstering cooperation. He noted that such partnerships contribute to the UAE's global standing and its efforts to build international relations based on mutual respect and constructive collaboration. Appreciation For his part, Ambassador Zabirov expressed his appreciation for the steady progress in UAE-Russia relations, commending the UAE's regional and international role in promoting peace, security, and stability. The meeting was attended by several Sheikhs and officials.
