Press releases, Reports & Disclosures for Abu Dhabi National Insurance Company

Resolution No. 345 of 2024 has temporarily suspended trading of shares for Abu Dhabi National Insurance Company. This decision was made due to the company's failure to submit their Assembly meeting results. The suspension will remain in effect from 26th March 2024 until the results are disclosed. All department heads in ADX are required to implement this resolution. The resolution will be circulated to SCA, the concerned company, all ADX departments, and all brokers accredited by ADX. The resolution was approved by the authorized person and issued on 26th March 2024.

The text provides information about the consolidated financial statements of Abu Dhabi National Insurance Company PJSC and its subsidiary as of 31 December 2023. The principal business address of the company is provided, which is located in Abu Dhabi, UAE.

The text is a 2023 Corporate Governance Report from the Abu Dhabi National Insurance Company PJSC. The document was authenticated via DocuSign with the Envelope ID: C619C4C3-66BB-4D6E-921A-9C42861195B3.

The Abu Dhabi National Insurance Company PJSC and its subsidiary have released their consolidated financial statements as of December 31, 2023. The principal business address of the company is P.O. Box: 839, Abu Dhabi, UAE.

The Abu Dhabi National Insurance Company (ADNIC) released its 2023 annual financial report on February 12, 2024. The report highlighted a strong underwriting performance with a combined ratio of 88% and increased net retention, despite increased expenses due to investment in technology, digital transformation, and geographical expansion. The company also reported excellent investment income results due to favorable market conditions and changes in asset allocation. In terms of non-financial events, 2023 was a year of strategic expansion and sustainability initiatives for ADNIC, including the acquisition of Allianz Saudi Fransi, participation in COP28, and a collaboration with Emirates Nature-WWF. The company also launched the 'Mawhoob' program for career development of UAE Nationals. Overall, ADNIC demonstrated significant growth in net profit by 12.2% and an increase in earnings per share from AED 0.63 to AED 0.70.

The CEO of Abu Dhabi National Insurance Company (ADNIC) reported strong financial results for 2023, with a net profit of AED 401.2 million, marking a 12.18% increase from the previous year. This performance was attributed to effective underwriting and investment strategies. The company also expanded its presence in the KSA market through the acquisition of Allianz Saudi Fransi Cooperative Insurance Company. Sustainability was emphasized, with the company signing the UAE Climate Responsible Companies Pledge and investing in community projects and education programs. ADNIC's total insurance revenue for 2023 was AED 4.64 billion, the net insurance service result was AED 366.6 million, net income from investment increased by 43.3% to AED 206.7 million, and other operating expenses were AED 179.8 million.