ADNIC records $36.3mln net profit before tax in Q1
ABU DHAB 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 AED133.3 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.
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 continue 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.'
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