ADNIC Reports Record 2024 Full-Year Net Profit Before Tax of AED 466.4 Million

Business

ADNIC Reports Record 2024 Full-Year Net Profit Before Tax of AED 466.4 Million

Abu Dhabi National Insurance Company (ADNIC), a leading regional multi-line insurance provider, has announced a strong performance for 2024, achieving the highest-ever recorded Insurance Revenue and Net Profit. This robust financial performance is attributed to strategic growth initiatives, including the acquisition of a 51% stake in Allianz Saudi Fransi Cooperative Insurance Company (ASF), which was rebranded to Mutakamela Insurance Company in Saudi Arabia.

Key Financial Highlights:

Net Profit Before Tax: AED 466.4 million, marking a 16.3% increase compared to 2023.
Total Assets: AED 11.8 billion, a 52.9% growth year-on-year.
Shareholders' Equity: AED 3.5 billion, up 20.6% year-on-year.
Insurance Revenue: AED 7.2 billion, a record high with a 54.6% year-on-year growth.
Insurance Service Result: AED 448.9 million, reflecting a 22.5% increase year-on-year.
Net Investment Income: AED 272.7 million, growing by 31.9%.
Net Financial Result: AED 690.7 million, an 18.9% increase year-on-year.
Profit After Tax: AED 419.5 million, after a tax expense of AED 46.9 million.

Strategic Expansion and Operational Integration: ADNIC’s successful acquisition of a majority stake in ASF and its integration into Mutakamela Insurance Company highlights the company's strategy to expand regionally. The full integration of the Saudi subsidiary has been a pivotal step in ADNIC's efforts to strengthen its position in the GCC market.

Comments from Leadership:

Sheikh Mohamed Bin Saif Al-Nahyan, Chairman of ADNIC, noted: “Despite the challenging conditions in the UAE insurance industry, we have achieved another milestone year, demonstrating our resilience and strategic focus.”
Charalampos Mylonas, CEO of ADNIC, emphasized: “Our record-breaking financial results underscore our ability to create value through diversified products and strategic market positioning. We remain committed to reinforcing our regional presence and leadership.”

ADNIC’s growth reflects its strong underwriting discipline and the effectiveness of its diversified approach across products and markets, positioning it for continued success in the competitive insurance landscape.