By: Amr Adel

Abu Dhabi - Mubasher:  Abu Dhabi National Insurance Company (ADNIC) is planning to expand in Asian and European markets, as part of a plan to geographically diversify its income resources, said the executive vice president, Abdulla Al Nuaimi.

Al Nuaimi added that work has already begun in the company’s office in London, which was recently opened, which provided an opportunity to operate in one of the biggest markets for reinsurance in the world.

Meanwhile, the expansion in Asia is expected to be announced during the first half of 2018, the vice president told reporters on Monday.

ADNIC is not planning to enter new Arab markets at the current time, especially with the rise in the number of insurance companies in the Gulf region, he explained, ruling out the acquisition of small local insurance firms as well, as acquisitions are not part of the company’s short and long-term strategies.

When asked whether Allianz has in fact showed interest in buying a stake in ADNIC, as reported last month by Reuters, Abdulla Al Nuaimi clarified that although his company did not receive any official offers until now, Allianz did express interest in a direct acquisition, something he believes is a sign of the strength and attractiveness of the UAE's insurance sector.