The acquisition will make ADNIC one of the Tier-1 listed insurers in Saudi Arabia
Abu Dhabi National Insurance Company (ADNIC) has completed the strategic acquisition of a 51 percent stake in Allianz Saudi Fransi Cooperative Insurance Company in Saudi Arabia.
The acquisition will make ADNIC one of the Tier-1 listed insurers in Saudi Arabia, strengthening its position as a leading insurer in the Gulf region. As part of its strategic growth strategy, ADNIC has been actively exploring opportunities and expanding its geographical footprint.
ADNIC will now have active field operations in the two largest and fastest growing insurance markets in the Gulf and broader Middle East and Africa regions.
Sheikh Mohamed bin Saif Al Nahyan, chairman of ADNIC, stated that the connection between the UAE and Saudi Arabia is deep, mutually beneficial and ever-growing.He said that at ADNIC, they see Saudi Arabia as a high-potential market which perfectly aligns with their overall growth strategy, and they are looking forward to unlocking new possibilities for growth and success.
Deliver industry-leading products
For his part, Charalampos Mylonas, CEO of ADNIC, stated that the strategic acquisition of a majority stake in Allianz – Saudi Arabia is a milestone that enables them to push forward with their regional growth ambitions. He said that this move further solidifies their position as the preferred insurer for consumers, one that always seeks new ways to protect customers and empower the communities they serve. Looking ahead, Mylonas mentioned that this acquisition places ADNIC in a strong position to deliver industry-leading products across all major insurance lines.
The move also builds on ADNIC’s success, where the business recently recorded one of the highest profits in its history at AED401.2 million ($109.2 million) for the full year 2023, marking a 12.18 percent increase over the same period in 2022.
Source: economymiddleeast