Thursday, 25 July 2024

ADNIC completes acquisition of 51% Allianz Saudi Arabia stake to drive regional growth strategy


Abu Dhabi National Insurance Company (ADNIC), one of the leading regional multi-line insurance providers for both corporates and individuals, has completed the strategic acquisition of a 51% stake in Allianz Saudi Fransi Cooperative Insurance Company in Saudi Arabia.

The acquisition will make ADNIC one of the Tier – 1 listed insurers in Saudia 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

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Commenting on the acquisition, Sheikh Mohamed Bin Saif Al-Nahyan, Chairman of ADNIC, said: “The connection between the UAE and Saudia Arabia is deep, mutually beneficial and ever-growing. At ADNIC, we see Saudia Arabia as a high-potential market which perfectly aligns with our overall growth strategy, and we are looking forward to unlocking new possibilities for growth and success.”

Charalampos Mylonas, CEO of ADNIC, said: “The strategic acquisition of a majority stake in Allianz – Saudia Arabia is a milestone that enables us to push forward with our regional growth ambitions. This move further solidifies our position as the preferred insurer for consumers, one that always seeks new ways to protect customers and empower the communities we serve. Looking ahead, this acquisition places us in a strong position to deliver industry-leading products across all major insurance lines.”

Founded in 1972, ADNIC has longstanding expertise in supporting individual and corporate clients across the Middle East and North Africa (MENA) region. The company has operations across all emirates in the United Arab Emirates consisting of a network of branches, as well as sales and customer service centres. The insurer provides risk coverage in more than 75 countries through its international division operating from Dubai as well as a representative office in London to capture London Market business trends.

The move also builds on ADNIC’s success where the business recently recorded one of the highest profits in its history at AED 401.2 million for the full year 2023, marking a 12.18% increase over the same period in 2022.