Abu Dhabi – Mubasher: Abu Dhabi National Insurance Company (ADNIC) posted higher net profits after tax at AED 419.45 million in 2024, compared to AED 401.16 million in 2023.
Revenues increased by 54.60% year-on-year (YoY) to AED 7.17 billion at the end of December 2024 from AED 4.64 billion, according to the consolidated financial results.
The company recorded the highest-ever reported total insurance revenue as well as overall net profit, driven by robust financial performance and the implementation of key strategic growth initiatives.
Earnings per share (EPS) hit AED 0.73 last year, compared to AED 0.70 in 2023.
Following ADNIC’s acquisition of a 51% stake in Allianz Saudi Fransi Cooperative Insurance Company, ADNIC has completed a full rebranding exercise and the operation in Saudi Arabia. It is currently actively trading under its new name Mutakamela Insurance Company.
Charalampos Mylonas, CEO of ADNIC, said: "Following the complete operational and financial integration of our KSA subsidiary, Mutakamela Insurance, we remain committed to solidifying our regional presence and further strengthen our position as a key player across the wider GCC region.”
