Abu Dhabi – Mubasher: Abu Dhabi National Insurance Company (ADNIC) has completed the acquisition of a 51% stake in Allianz Saudi Fransi Cooperative Insurance Company, according to a press release.

The transaction will enable ADNIC to become one of the Tier-1 listed insurers in Saudi Arabia, anchoring its position as a leading insurer in the Gulf region.

It also aligns with the ADX-listed company’s growth strategy to explore opportunities and expand its geographical footprint.

Additionally, the move builds on ADNIC’s successful portfolio, as the business recorded one of the highest profits in its history at AED 401.20 million for 2023, marking an annual hike of 12.18%.

Mohamed bin Saif Al Nahyan, Chairman of ADNIC, said: “The connection between the UAE and Saudi Arabia is deep, mutually beneficial and ever-growing.”

Charalampos Mylonas, CEO of ADNIC, highlighted: “The strategic acquisition of a majority stake in Allianz – Saudi Arabia is a milestone that enables us to push forward with our regional growth ambitions.”

“This move further solidifies our position as the preferred insurer for consumers, one that always seeks new ways to protect customers and empower the communities we serve,” Mylonas added.

The CEO underlined: “Looking ahead, this acquisition places us in a strong position to deliver industry-leading products across all major insurance lines."

In 2023, Allianz Saudi Fransi witnessed 331.29% higher net profits after Zakat attributable to shareholders at SAR 36.98 million, compared to SAR 8.57 million a year earlier.