ADNIC reports net profit of Dh100.9 million for Q1 2024
Net income from investments increased by 17.4% to Dh54.4 million
Abu Dhabi: Abu Dhabi National Insurance Company (ADNIC) has delivered a strong net profit before tax of Dh111.8 million for the first quarter of 2024.
ADNIC's net insurance service result stood at Dh103.2 million for the quarter, and it achieved a record Gross Written Premium (GWP) of Dh3.031 billion — a substantial growth of 49.9 per cent compared to the same period last year.
Strategic asset allocation adjustments implemented in 2023 continue to pay dividends. Net income from investments for the first quarter of 2024 increased by 17.4 per cent to Dh54.4 million, driven by higher interest and coupon income and mark-to-market gains.
Sheikh Mohamed Bin Saif Al-Nahyan, Chairman of ADNIC, said: "Following the strong close to the first quarter, ADNIC achieved a significant milestone with the successful acquisition of Allianz Saudi Fransi Cooperative Insurance Company. This strategic move strengthens our regional presence and positions us as a leading composite insurer across the GCC."
Despite ongoing investments in growth, ADNIC has successfully managed an expense ratio of 12.3 per cent, meaningfully lower than premium growth.