Abu Dhabi – Mubasher: Abu Dhabi National Insurance Company (ADNIC) witnessed 10% year-on-year (YoY) higher net profits before tax at AED 224.30 million in the first half (H1) of 2024.
As at 30 June 2024, the consolidated total assets hiked by 41% to AED 10.90 billion, compared to AED 7.70 billion at the end of December 2023.
Meanwhile, the total shareholders’ equity stood at AED 3.20 billion, according to the financial results.
Total insurance revenue jumped by 54% YoY to reach an all-time high of AED 3.30 billion in H1-24, compared to AED 2.10 billion.
Net income from investment climbed by 8% to AED 119.10 million as of 30 30 June 2024, compared to AED 110.80 million in H1-23.
In the second quarter (Q2) of 2024, ADNIC acquired a 51% stake in Allianz Saudi Fransi Cooperative Insurance Company in Saudi Arabia.
Mohamed bin Saif Al-Nahyan, Chairman of ADNIC, said: “Our accomplishments demonstrate our commitment to operational excellence and strategic foresight. Looking ahead, ADNIC's strong financial foundation and skilled team position us for sustained growth and innovation, delivering value for shareholders and contributing to the regional insurance sector's development.”
Charalampos Mylonas, CEO of ADNIC, commented: “ADNIC has achieved a record gross written premium (GWP) of AED 4.40 billion which represents a surge of 47% compared to the same period last year.”
In the first quarter (Q1) of 2024, ADNIC recorded net profit before tax valued at AED 111.80 million.
