The Abu Dhabi National Insurance Company (ADNIC) has announced that during the first half of 2024, profits before tax rose 10 percent year-on-year to AED224.3 million ($61.07 million) while net profit reached AED205.2 million. During the same period, the group’s total assets rose 41 percent to AED10.9 billion while total shareholders’ equity reached AED3.2 billion.
Insurance revenues surge to all-time high
ADNIC’s total insurance revenues rose 54 percent annually to an all-time high of AED3.3 billion, reflecting the group’s continuous excellence in the provision of corporate insurance solutions for mega projects as well as its underlying multi-channel, product line, and territory infrastructure and readiness. During the first half of 2024, ADNIC’s net insurance service results also rose 15 percent annually to AED204.3 million.
Net income grows
ADNIC’s net income from investment grew 8 percent year-on-year to AED119.1 million in H1 compared to AED110.8 million for the same period in 2023.
The company also revealed that its other operating expenses rose to AED108.9 million up from AED81.6 million following the full Allianz Saudi Fransi consolidation and ongoing corresponding projects required this year. ADNIC recently completed the acquisition of a 51 percent stake in Allianz Saudi Fransi Cooperative Insurance Company (ASF) in Saudi Arabia, which solidified its position as a leading insurer in the region.
Commenting on the results, Charalampos Mylonas, CEO of ADNIC, revealed that the company has achieved a record gross written premium (GWP) of AED4,406.0 million which represents a surge of 47 percent compared to the same period last year.
“Looking ahead, ADNIC’s strong financial foundation and skilled team position us for sustained growth and innovation, delivering value for shareholders and contributing to the regional insurance sector’s development,” added Sheikh Mohamed Bin Saif Al-Nahyan, Chairman of ADNIC.
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