Abu Dhabi National Insurance Company (ADNIC) posted in the first quarter (Q1) of 2024 a net profit before tax of AED111.8 million ($30.4 million), and an after-tax profit of AED100.9 million ($27.4 million).
This solid performance is attributed to ADNIC’s strong underwriting discipline and substantial growth in key metrics.
The company’s net insurance service result for the quarter was AED103.2 million ($28.09 million).
Moreover, it achieved a record-breaking Gross Written Premium (GWP) of AED3.031 billion ($825.22 million), marking a significant increase of 49.9 percent compared to the same period last year.
The strategic adjustments made to asset allocation in 2023 have continued to yield positive results.
In Q1 2024, net income from investments increased by 17.4 percent to AED54.4 million ($14.8 million), primarily driven by higher interest and coupon income, as well as mark-to-market gains.
Commenting on ADNIC’s performance, Sheikh Mohamed Bin Saif Al-Nahyan, Chairman of ADNIC, said: “Following the strong close to the first quarter, ADNIC achieved a significant milestone with the successful acquisition of Allianz Saudi Fransi Cooperative Insurance Company. This strategic move strengthens our regional presence and positions us as a leading composite insurer across the GCC. We are confident that this acquisition will unlock significant growth opportunities and create long-term value for our stakeholders.”
ADNIC’s commitment to operational efficiency is evident in its expense ratio of 12.3 percent.
Despite investing in growth, the company has effectively managed to keep overall expense growth significantly lower than premium growth.
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