ADNIC achieves 2023 full year net profit of AED 401.2 million
15 Feb 2024
Abu Dhabi National Insurance Company (ADNIC), one of the leading regional multi-line insurance providers for both corporates and individuals, reported its financial results for the full year ended 31 December 2023.
Building on a foundation of success, ADNIC propelled forward with one of the highest profits recorded in its history, AED 401.2 million, marking a 12.18% increase over the same period in 2022. The performance is a testament to the company’s market-leading underwriting and investment strategies, as well as its ability to create enhanced value for shareholders.
ADNIC’s success and growth has been strategically bolstered by the recent acquisition of Allianz Saudi Fransi Cooperative Insurance Company in Saudi Arabia, which the company expects to finalise in 2024. The company is committed to strengthening its position as a key player in the GCC region and is actively exploring markets to expand its geographical footprint.
Commenting on ADNIC’s performance, Sheikh Mohamed Bin Saif Al-Nahyan, Chairman of ADNIC, said: “The year 2023 was a significant milestone for ADNIC, marked by strategic expansion and an unwavering commitment to sustainability by our participation in COP28. The successful acquisition of Allianz Saudi Fransi which we expect to finalise in early 2024 will further strengthen our regional presence, positioning us as a leading composite insurer across the GCC. We remain steadfast in our commitment to our strategic growth plan, leveraging our financial strength and operational excellence to deliver sustainable value for stakeholders. ADNIC is well-positioned to capitalise on future opportunities and maintain its leadership in the UAE insurance market.”
Key Financial Highlights (prior year numbers are reinstated in line with IFRS 17 standard requirements)
Total Insurance revenue
For the twelve-month period ended 31 December 2023, ADNIC's total insurance revenue stood at AED 4.64 billion, compared to AED 4.66 billion for the same period in 2022.
Net insurance service result
For the twelve-month period ended 31 December 2023, ADNIC's net insurance service result stood at AED 366.6 million, against AED 382.6 million for the same period in 2022.
Net Income from investment
ADNIC's net income from investment increased by 43.3% to AED 206.7 million for the twelve-month period ended 31 December 2023, compared to AED 144.2 million for the same period in 2022.
Other operating expenses
Other operating expenses for the twelve-month period ended 31 December 2023 stood at AED 179.8 million, compared to AED 165.4 million for the same period in 2022.
Profit for the period
For the twelve-month period ended 31 December 2023, profit for the period increased by 12.18% to AED 401.2 million, compared to AED 357.6 million for the same period in 2022.
Charalampos Mylonas, CEO of ADNIC, said: “ADNIC’s remarkable performance in the year 2023 is a testament to our commitment to prioritising customer needs, and is a result of our strategic focus on operational efficiency, innovation and market expansion. This success will fuel our continuous investment in innovation and our people, and enables us to continue seeking new ways to protect our customers and empower communities we serve. Looking ahead, we remain steadfast in our commitment to achieving our ambitious sustainability goals and contributing to the nation's net-zero target by 2050.”
