ADNIC achieves net profit of Dhs 205.2 million for H1-24

Abu Dhabi National Insurance Company (ADNIC) has announced that for the six-month period ended 30th June 2024, profit before tax has grown by 10% year-on-year to Dhs224.3 million, while net profit reached Dhs205.2 million.

In a press release on Friday, the company said, “At a consolidated Group level, Total Assets have increased by 41% to Dhs10.9 billion compared to Dhs7.7 billion as of 31st December 2023. Total Shareholders’ Equity stood at Dhs3.2 billion.”

Sheikh 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.”

Total insurance revenue has grown by 54% year-on-year to reach an all-time high of Dhs3.3 billion, compared to Dhs2.1 billion for the same period in 2023.

Net insurance service results have grown by 15% year-on-year to reach Dhs204.3 million, against Dhs178.1 million for the same period in 2023. This reflects the robustness, strong underwriting, and analytical discipline in the way ADNIC business is managed and produced.

Charalampos Mylonas, CEO of ADNIC, said, “ADNIC has achieved a record Gross Written Premium (GWP) of Dhs4,406.0 million, which represents a surge of 47% compared to the same period last year.”