ADNIC’s insurance revenues reach all-time high of AED 5.2bn in 9M-24 - Mubasher Info

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Abu Dhabi – Mubasher: Abu Dhabi National Insurance Company (ADNIC) recorded net profits before tax of AED 342.50 million for the first nine months (9M) of 2024, according to a press release.

This follows ADNIC’s successful acquisition of a 51% stake in Allianz Saudi Fransi Cooperative Insurance Company Saudi Arabia, as the two companies’ consolidated total assets hit AED 12 billion.

Insurance revenue hiked by 57.20% year-on-year (YoY) to reach an all-time high of AED 5.20 billion. The net investment income jumped by 27.30% YoY to AED 202.30 million.

Charalampos Mylonas, CEO of ADNIC, said: "ADNIC continues to deliver exceptional financial results, achieving an all-time record gross written premium (GWP) of AED 6.10 billion, representing a growth of 56% compared to the same period last year whilst continuing to deliver simultaneous and consistent operating profit growth in line with our pedigree and strategic objectives.”

As of 30 June 2024, ADNIC posted an annual rise of 10% in net profit before tax to AED 224.30 million.

Source: Mubasher Source: {{details.article.source}}