Abu Dhabi – Mubasher: Abu Dhabi National Insurance Company (ADNIC) delivered a strong net profit before tax valued at AED 111.80 million in the first quarter (Q1)of 2024, according to a press release.

Net insurance service result stood at AED 103.20 million as of 31 March 2024, while the gross written premium (GWP) hit AED 3.03 billion.

In the first three months (3M) of 2024, ADNIC registered 17.40% higher income from investments at AED 54.40 million, driven by higher interest and coupon income as well as mark-to-market gains.

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,” Al Nahyan highlighted.

He added: “ADNIC's commitment to operational efficiency is reflected in an expense ratio of 12.30%.”

Charalampos Mylonas, CEO of ADNIC, commented: “Our profitability surged in the first quarter, with net profit before tax reaching AED 111.80 million – a significant 12.10% increase year-over-year.”

In 2023, ADNIC witnessed 12.18% higher net profits at AED 401.20 million, versus AED 357.60 million in the January-December 2022 period.