Abu Dhabi: Abu Dhabi National Insurance Company (ADNIC) has delivered strong financial results for the first quarter of 2025, reporting a net profit before tax of AED133.3 million. This marks a 19.2 percent increase compared to the same period in 2024, attributed to robust underwriting and investment performance.
According to Emirates News Agency, ADNIC successfully completed its integration and rebranding efforts following the acquisition of a 51 percent stake in Allianz Saudi Fransi Cooperative Insurance Company (ASF) in 2024. ASF now operates as Mutakamela Insurance Company, under ADNIC's strategic direction, enhancing ADNIC's presence in Saudi Arabia and supporting the company's ambition to be a prominent 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 is expected to contribute to ADNIC's long-term growth.
Sheikh Mohamed bin Saif Al-Nahyan, Chairman of ADNIC, commented on the company's performance, noting that ADNIC began 2025 strong by building upon its momentum from 2024 to achieve growth across its core businesses while maintaining underwriting discipline. Despite macroeconomic and industry-specific challenges, the Group continues to demonstrate resilience and agility.
Charalampos Mylonas, Chief Executive Officer of ADNIC, stated that the year started positively for the company, with strong financial results supported by resilient underwriting, cost discipline, and strategic expansion.