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Mid East Info
14-05-2025
- Business
- Mid East Info
ADNIC delivers robust performance in Q1'25 with net profit before tax of AED 133.3 million - Middle East Business News and Information
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.
Mid East Info
27-02-2025
- Business
- Mid East Info
ADNIC shareholders approve cash dividends of 45% at the Annual General Meeting - Middle East Business News and Information
All agenda items were approved by shareholders, including distribution of a cash dividend of AED 0.45 per share. Abu Dhabi,February 2025: Abu Dhabi National Insurance Company (ADNIC), one of the leading regional multi-line insurance providers for corporates and individuals, has approved the distribution of 45% cash dividends (AED 0.45 per share, implying total cash dividends of AED 256.5 million) for the financial year ended 31 December 2024, after concluding its Annual General Meeting (AGM) today. Shareholders discussed and approved all items on the agenda for the AGM, including ADNIC's financial statements for the year ended 31 December 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.'
Zawya
05-02-2025
- Business
- Zawya
ADNIC achieves 2024 full year net profit before tax of AED 466.4mln
Abu Dhabi, UAE: Abu Dhabi National Insurance Company (ADNIC), one of the leading regional multi-line insurance providers for both corporates and individuals, delivered a remarkable performance during 2024, with the highest ever reported total Insurance Revenue as well as overall Net Profit, driven by a robust financial performance and the successful implementation of key strategic growth initiatives. Following ADNIC's successful acquisition of a 51% stake in Allianz Saudi Fransi Cooperative Insurance Company (ASF) in Saudi Arabia, ADNIC has completed a full rebranding exercise and the operation in KSA is now actively trading under its new name of Mutakamela Insurance Company. All the financials discussed here follow the full consolidation of Mutakamela's performance from the date of the transaction's completion. As a result of strong underwriting and investment performance, Net P rofit Before Tax for the twelve-month period ended 31 December 2024 has grown by 16.3% year on year to AED 466.4 million. As of 31 December 2024, Total Assets have grown by 52.9% year on year to reach AED 11.8 billion and Total Shareholders' Equity has grown by 20.6% for year on year to reach AED 3.5 billion. Commenting on ADNIC's performance, Sheikh Mohamed Bin Saif Al-Nahyan, Chairman of ADNIC, said: '2024 presented another milestone year for ADNIC Group. We continued to exhibit remarkable resilience, despite a challenging year for the UAE insurance industry, characterised by unprecedented major loss events including the adverse weather events in April. We also continued to forge ahead with our strategic priorities. We strengthened our presence in the region, through our acquisition of Allianz Saudi Fransi, in addition to investing in our technologies, further enhancing our operational efficiency and client service excellence, in line with our ambitions of becoming a regional insurance leader.' Charalampos Mylonas, Chief Executive Officer of ADNIC said: "In 2024, ADNIC continued to deliver exceptional financial results, achieving an all-time record performance both in terms of revenue as well as net profitability, reflecting our ability to deliver consistent value through our diversified product offerings and strategic market positioning. Following the complete operational and financial integration of our KSA subsidiary, Mutakamela Insurance, we remain committed to solidifying our regional presence and further strengthen our position as a key player across the wider GCC region.' Key financial highlights Insurance Revenue has grown by 54.6% year on year to reach an all-time high of AED 7.2 billion. This reflects our continuous excellence in the provision of corporate insurance solutions for mega projects as well as our underlying robust multi-channel, product line and geographical infrastructure and readiness. Insurance Service Result has grown by 22.5% year on year to reach AED 448.9 million. While the insurance market in UAE was tremendously impacted by the flood events ADNIC was the only top tier UAE listed company able to deliver double-digit growth in this critical KPI which reflects the robustness and strong underwriting and analytical discipline in the way our business is managed and produced. Net Investment Income has grown by 31.9% year on year to reach AED 272.7 million. It reflects the resilience of our underlying asset allocation mix to the emerging market conditions and trends. Net Financial Result which is the consolidated output of all of the above values after incorporation of the IFRS-17 required risk charge and discounting adjustments has grown by 18.9% year on year to reach AED 690.7 million. Profit Before Tax has grown by 16.3% year on year to AED 466.4 million the highest ever recorded in ADNIC's long history. Tax expense for the year is AED 46.9 million yielding a Profit After Tax for the year of AED 419.5 million. -Ends- About Abu Dhabi National Insurance Company Abu Dhabi National Insurance Company (ADNIC) PJSC is a composite insurance partner with long standing expertise in providing insurance products to individuals and corporates across the Middle East and North Africa (MENA) region. Founded in the United Arab Emirates (UAE) in 1972, ADNIC has a wide network of branches as well as sales and service centres across the country. ADNIC also has a representative office in London, under the name ADNIC International Ltd. ADNIC is a publicly listed company on Abu Dhabi Securities Exchange (ADX). For more information, please contact: media@
Al Bawaba
05-02-2025
- Business
- Al Bawaba
ADNIC achieves 2024 full year net profit before tax of AED 466.4 million
Abu Dhabi National Insurance Company (ADNIC), one of the leading regional multi-line insurance providers for both corporates and individuals, delivered a remarkable performance during 2024, with the highest ever reported total Insurance Revenue as well as overall Net Profit, driven by a robust financial performance and the successful implementation of key strategic growth initiatives. Following ADNIC's successful acquisition of a 51% stake in Allianz Saudi Fransi Cooperative Insurance Company (ASF) in Saudi Arabia, ADNIC has completed a full rebranding exercise and the operation in KSA is now actively trading under its new name of Mutakamela Insurance Company. All the financials discussed here follow the full consolidation of Mutakamela's performance from the date of the transaction's completion. As a result of strong underwriting and investment performance, Net Profit Before Tax for the twelve-month period ended 31 December 2024 has grown by 16.3% year on year to AED 466.4 million. As of 31 December 2024, Total Assets have grown by 52.9% year on year to reach AED 11.8 billion and Total Shareholders' Equity has grown by 20.6% for year on year to reach AED 3.5 billion. Commenting on ADNIC's performance, Sheikh Mohamed Bin Saif Al-Nahyan, Chairman of ADNIC, said: '2024 presented another milestone year for ADNIC Group. We continued to exhibit remarkable resilience, despite a challenging year for the UAE insurance industry, characterised by unprecedented major loss events including the adverse weather events in April. We also continued to forge ahead with our strategic priorities. We strengthened our presence in the region, through our acquisition of Allianz Saudi Fransi, in addition to investing in our technologies, further enhancing our operational efficiency and client service excellence, in line with our ambitions of becoming a regional insurance leader.' Charalampos Mylonas, Chief Executive Officer of ADNIC said: "In 2024, ADNIC continued to deliver exceptional financial results, achieving an all-time record performance both in terms of revenue as well as net profitability, reflecting our ability to deliver consistent value through our diversified product offerings and strategic market positioning. Following the complete operational and financial integration of our KSA subsidiary, Mutakamela Insurance, we remain committed to solidifying our regional presence and further strengthen our position as a key player across the wider GCC region.' Key financial highlights Insurance Revenue has grown by 54.6% year on year to reach an all-time high of AED 7.2 billion. This reflects our continuous excellence in the provision of corporate insurance solutions for mega projects as well as our underlying robust multi-channel, product line and geographical infrastructure and readiness. Insurance Service Result has grown by 22.5% year on year to reach AED 448.9 million. While the insurance market in UAE was tremendously impacted by the flood events ADNIC was the only top tier UAE listed company able to deliver double-digit growth in this critical KPI which reflects the robustness and strong underwriting and analytical discipline in the way our business is managed and produced. Net Investment Income has grown by 31.9% year on year to reach AED 272.7 million. It reflects the resilience of our underlying asset allocation mix to the emerging market conditions and trends. Net Financial Result which is the consolidated output of all of the above values after incorporation of the IFRS-17 required risk charge and discounting adjustments has grown by 18.9% year on year to reach AED 690.7 million. Profit Before Tax has grown by 16.3% year on year to AED 466.4 million the highest ever recorded in ADNIC's long history. Tax expense for the year is AED 46.9 million yielding a Profit After Tax for the year of AED 419.5 million.
