Abu Dhabi National Insurance Company (ADNIC) has announced the strategic acquisition of a 51 percent stake in Allianz Saudi Fransi Cooperative Insurance Company, marking a significant expansion of its operations in Saudi Arabia.
The acquisition propels ADNIC into the ranks of Tier-1 listed insurers in Saudi Arabia, reinforcing its standing as a leading insurer in the Gulf region. This move is part of ADNIC’s strategic growth strategy, which involves actively exploring opportunities and expanding its geographical footprint.
With this acquisition, 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, expressed his optimism about the acquisition. He said, “The connection between the UAE and Saudi Arabia is deep, mutually beneficial and ever-growing. At ADNIC, we see Saudi 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, echoed these sentiments. He stated, “The strategic acquisition of a majority stake in Allianz – Saudi 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."
The acquisition builds on ADNIC’s recent success, where the business recorded one of the highest profits in its history at AED 401.2 million for the full year 2023, marking a 12.18 percent increase over the same period in 2022.
This strategic move by ADNIC underscores the company’s commitment to its growth strategy and its dedication to providing top-tier insurance services to its customers in the region.
