ADNIC delivers robust performance in Q1'25 with net profit before tax of AED 133.3 million
ADNIC swiftly completed its integration and rebranding efforts following the successful acquisition of a 51% stake in Allianz Saudi Fransi Cooperative Insurance Company (ASF) in 2024. ASF now operates as Mutakamela Insurance Company, under ADNIC's strategic direction, reinforcing ADNIC's presence in Saudi Arabia and supporting our ambition to be a leading 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 will continue to contribute to ADNIC's long-term growth.
Commenting on ADNIC's performance, Sheikh Mohamed Bin Saif Al-Nahyan, Chairman of ADNIC, said: 'ADNIC began 2025 strong, where we built upon our momentum in 2024 to achieve solid growth across our core businesses, while maintaining robust underwriting discipline. Despite ongoing macroeconomic and industry-specific challenges, the Group continues to demonstrate resilience and agility. Our recent strategic expansion efforts in Saudi Arabia continues to reflect our aspiration of becoming the leading insurance provider across the region.'
Charalampos Mylonas, Chief Executive Officer of ADNIC said: "We made the best possible start to the year delivering strong financial results supported by resilient underwriting, cost discipline, and strategic expansion. Our successful integration and rebranding of Mutakamela Insurance Company in Saudi Arabia, continues to reflect our commitment to strengthening our regional presence and advancing our position as a leading insurance provider across the GCC as well as our focus to delivering long-term value for all our stakeholders.'
Key financial highlights:
Total Insurance Revenue: For the three-month period ended 31 March 2025, ADNIC's total insurance revenue reached AED 2.0 billion, compared to AED 1.6 billion in Q1 2024.
Net Insurance Service Result: ADNIC's net insurance service result stood at AED 141.4 million for Q1 2025, up from AED 103.2 million in the same period last year.
Net Income from Investments: Investment income increased by 31.3% to AED 71.4 million, compared to AED 54.4 million for the same period in 2024.
Other Operating Expenses: Operating expenses for Q1 2025 were AED 56.3 million, versus AED 49.7 million in Q1 2024, reinforcing our focus on cost control.
Profit Before Tax: Profit before tax rose to AED 133.3 million, marking a 19.2% increase year-on-year.
Profit After Tax: Profit after tax for the period was AED 119.6 million, compared to AED 100.9 million in the same quarter of the previous year.
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