The net profits of Abu Dhabi National Insurance Company (ADNIC) increased by 12.18% to AED 401.20 million in 2023 from AED 357.60 million in 2022, marking its one of the highest net profits to date.

Earnings per share (EPS) climbed year-on-year (YoY) to AED 0.70 in 2023 from AED 0.63, further bolstering shareholder value, according to a press release.

During the 12-month period that ended on 31 December 2023, ADNIC's total insurance revenue hit AED 4.64 billion, down from AED 4.66 billion a year earlier.

Charalampos Mylonas, CEO of ADNIC, commented: “We have been actively expanding our geographic footprint, and our strategic acquisition of Allianz Saudi Fransi Cooperative Insurance Company will not only secure us a significant presence in the KSA market but will also strengthen our position as a key player in the GCC region.”

“Looking ahead, we remain steadfast in our commitment to achieving our ambitious sustainability goals and contributing to the nation's net-zero target by 2050,” Mylonas added.

In the first nine months (9M) of 2023, ADNIC registered 16.20% YoY net profits at AED 301.87 million, compared to AED 259.82 million.

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