Abu Dhabi National Insurance Company (ADNIC), one of the leading regional multi-line insurance providers for both corporates and individuals, has delivered strong financial results for the first quarter of 2025.
ADNIC reported a net profit before tax of AED133.3m ($36.3m), marking a 19.2% increase compared to the corresponding quarter in 2024 as a result of strong underwriting and investment performance. ADNIC’s results reflect its ability to adapt and grow despite evolving market dynamics, the company said in a statement released yesterday.
Mutakamela Insurance in Saudi Arabia
ADNIC completed its acquisition of a 51% stake in Allianz Saudi Fransi Cooperative Insurance Company (ASF) on 17 April 2024. It integrated and rebranded the target company following the acquisition. ASF now operates as Mutakamela Insurance Company, under ADNIC’s strategic direction, reinforcing ADNIC’s presence in Saudi Arabia and supporting the group’s ambition to be a leading insurance player across the GCC.
Mutakamela’s performance is fully consolidated into the group’s financial results from the effective date of the acquisition and will continue to contribute to ADNIC’s long-term growth.
1Q financial results
Commenting on ADNIC’s performance, Sheikh Mohamed Bin Saif Al-Nahyan, ADNIC chairman, said, “ADNIC began 2025 strong, where we built upon our momentum in 2024 to achieve solid growth across our core businesses, while maintaining robust underwriting discipline. Despite ongoing macroeconomic and industry-specific challenges, the Group continues to demonstrate resilience and agility. Our recent strategic expansion efforts in Saudi Arabia continue to reflect our aspiration of becoming the leading insurance provider across the region.”
ADNIC CEO Charalampos Mylonas said, "We made the best possible start to the year delivering strong financial results supported by resilient underwriting, cost discipline, and strategic expansion. Our successful integration and rebranding of Mutakamela Insurance Company in Saudi Arabia continues to reflect our commitment to strengthening our regional presence and advancing our position as a leading insurance provider across the GCC as well as our focus on delivering long-term value for all our stakeholders.”
Aside from net profit before tax, other highlights of ADNIC’s financial performance include:
Total Insurance Revenue: For the three months ended 31 March 2025, ADNIC's total insurance revenue reached AED2.0bn, compared to AED1.6bn in 1Q2024.
Net Insurance Service Result: ADNIC's net insurance service result stood at AED141.4m for 1Q2025, up from AED103.2m in the corresponding quarter last year.
Net Income from Investments: Investment income increased by 31.3% in 1Q2025 to AED71.4m, compared to AED54.4m in 1Q2024.
Other Operating Expenses: Operating expenses for 1Q2025 were AED56.3m, versus AED49.7m in 1Q2024, reinforcing the group’s focus on cost control.
Profit After Tax: Profit after tax for 1Q2025 was AED119.6m, compared to AED100.9m in 1Q2024.