Announcing its financial results for the full year ended December 31, 2023, Abu Dhabi National Insurance Company (Adnic) posted a record AED 401.2 million ($109 million) net profits, marking a 12.18% increase over the same period in 2022.

One of the leading regional multi-line insurance providers for corporates and individuals, Adnic’s performance is a testament to the company’s market-leading underwriting and investment strategies, as well as its ability to create enhanced value for shareholders, a statement said.

Adnic’s success and growth has been strategically bolstered by the recent acquisition of Allianz Saudi Fransi Cooperative Insurance Company in Saudi Arabia, which the company expects to finalise in 2024.

The company said it is committed to strengthening its position as a key player in the GCC region and is actively exploring markets to expand its geographical footprint.

Sheikh Mohamed Bin Saif Al-Nahyan, Chairman of ADNIC, said: “The year 2023 was a significant milestone for ADNIC, marked by strategic expansion and an unwavering commitment to sustainability by our participation in COP28.

“The successful acquisition of Allianz Saudi Fransi which we expect to finalise in early 2024 will further strengthen our regional presence, positioning us as a leading composite insurer across the GCC.

“We remain steadfast in our commitment to our strategic growth plan, leveraging our financial strength and operational excellence to deliver sustainable value for stakeholders. ADNIC is well-positioned to capitalise on future opportunities and maintain its leadership in the UAE insurance market.”

Charalampos Mylonas, CEO of Adnic, said: “Adnic’s remarkable performance in the year 2023 is a testament to our commitment to prioritising customer needs, and is a result of our strategic focus on operational efficiency, innovation and market expansion.

“This success will fuel our continuous investment in innovation and our people, and enables us to continue seeking new ways to protect our customers and empower communities we serve. Looking ahead, we remain steadfast in our commitment to achieving our ambitious sustainability goals and contributing to the nation's net-zero target by 2050.”

Key Financial Highlights

Total Insurance revenue

For the 12-month period ended 31 December 2023, Adnic's total insurance revenue stood at AED 4.64 billion, compared to AED 4.66 billion for the same period in 2022.

Net insurance service result

For the 12-month period ended 31 December 2023, Adnic's net insurance service result stood at AED 366.6 million, against AED 382.6 million for the same period in 2022. 

Net Income from investment

Adnic’s net income from investment increased by 43.3% to AED 206.7 million for the 12-month period ended December 31, 2023, compared to AED 144.2 million for the same period in 2022.

Other operating expenses

Other operating expenses for the 12-month period ended December 31, 2023 stood at AED 179.8 million, compared to AED 165.4 million for the same period in 2022.

Profit for the period

For the 12-month period ended 31 December 2023, profit for the period increased by 12.18% to AED 401.2 million, compared to AED 357.6 million for the same period in 2022. – TradeArabia News Service