Dubai, UAE – Abu Dhabi National Insurance Company (ADNIC) reported a net profit of $82.2 million, in the first nine months of this year marking 16.2% increase compared to the corresponding period in the previous year. The growth is attributed to the company’s robust underwriting strategies and successful investment endeavors.
ADNIC’s focus on market-leading underwriting and investment performance resulted in a net profit of AED 301.9 million, driven by a strong underwriting performance showcasing a combined ratio of 87.9%. This reflects effective risk selection and adept claims management, leading to net insurance service results of $73.9 million.
ADNIC’s recently announced its intent to acquire a 51% stake in Allianz Saudi Fransi Cooperative Insurance Co.
Sheikh Mohamed Bin Saif Al-Nahyan, Chairman of ADNIC, expressed confidence in the company’s performance, highlighting their ambitions for broader regional growth.
Charalampos Mylonas, CEO of ADNIC, said: “We are excited about the next phase of our growth, particularly given our field presence in the two largest and fastest growing markets in the Middle East. ADNIC’s results and future plans reflect our financial strength, shareholder vision and guidance, the available capital resources and our constant quest to lead and evolve.”
He added: “We remain committed to engaging with all stakeholders on our various sustainability initiatives, which will continue to be a core operational focus at ADNIC. We recently signed the UAE Climate Responsible Companies Pledge to further embed sustainable practices in our operations and inspire our customers and partners to embrace sustainable action for a brighter, net-zero future