Latest news with #ADNIC
Hi Dubai
4 days ago
- Business
- Hi Dubai
Ministry of Energy and Infrastructure Launches New Housing Loan Insurance to Support Senior Citizens
The UAE Ministry of Energy and Infrastructure has unveiled a new initiative to provide life insurance coverage on housing loans for Emirati citizens, with a focus on senior citizens, extending coverage up to the age of 95. Launched under the Sheikh Zayed Housing Programme, the initiative ensures comprehensive insurance on housing support decisions, addressing previous challenges that limited loan coverage to citizens under 70. The goal is to enhance social equity, reduce financing rejections, and improve the overall stability of Emirati families. The initiative offers unified, low-cost insurance coverage for cases of death or total permanent disability, whether by accident or illness. It is being rolled out in collaboration with the Central Bank of the UAE, national banks, Takaful service providers, and major insurers, including ADNIC and Sukoon Takaful. Minister of Energy and Infrastructure Suhail Mohamed Al Mazrouei said the initiative aligns with the UAE's leadership vision of prioritizing citizen welfare, adding that it marks a significant step in supporting senior citizens and boosting financial stability. The Central Bank has also issued a regulatory notice to allow more flexible financing models. Citizens with existing mortgages may now apply for new financing if the new home is their primary residence and they meet repayment requirements. Mohamed Al Mansouri, Director-General of the Sheikh Zayed Housing Programme, described the move as a 'qualitative shift' in housing policy that enhances inclusiveness and supports long-term development. This initiative is part of a broader strategy to modernize the housing sector, strengthen public-private partnerships, and ensure all citizens have access to secure and sustainable housing solutions. News Source: Emirates News Agency
Zawya
4 days ago
- Business
- Zawya
UAE: Ministry of Energy and Infrastructure launches initiative to support housing for senior ctizens
The Ministry of Energy and Infrastructure, represented by the Sheikh Zayed Housing Programme, announced the launch of an initiative to ensure the financing of housing support decisions for citizens benefiting from housing loans, with a particular focus on senior citizens. As part of the Year of Community initiatives and with the aim of providing comprehensive insurance coverage, the initiative aims to provide life insurance coverage that fully secures the value of the housing loan. It addresses previous challenges faced by this group, where the maximum loan coverage age was limited to 70 years, leading to the rejection of some financing applications. The insurance coverage has been designed to be unified, fair, and offered at a low cost, ensuring that all eligible citizens benefit from current and future housing loans. The insurance covers cases of death or total permanent disability, whether due to an accident or other causes, with extended coverage up to the age of 95, providing long-term financial protection for Emirati families. The Ministry indicated that the initiative is being implemented in collaboration with the Central Bank of the UAE, financing partners, and Takaful service providers, along with a wide range of national insurance companies, including Sukoon Takaful, and Abu Dhabi National Insurance Company (ADNIC). Suhail Mohamed Al Mazrouei, Minister of Energy and Infrastructure, affirmed that the initiative aligns with the leadership's directives to enhance the stability of Emirati families and ensure a decent life for all segments of society. He said, 'Our wise leadership places the comfort and happiness of citizens at the forefront of its priorities. This initiative reflects the UAE's firm commitment to providing adequate housing as a cornerstone of comprehensive development. It represents a significant step in supporting senior citizens, as it is designed to address the challenges related to housing finance for this group, thereby improving their quality of life and contributing to family stability.' Al Mazrouei added that collaboration with the banking sector and national insurance companies reflects the UAE's strategic vision of building sustainable partnerships that support social and economic development. He praised the ongoing efforts to develop the housing system in the UAE into a global model. Mohamed Al Mansouri, Director-General of Sheikh Zayed Housing Programme, affirmed that the initiative embodies the leadership's forward-looking vision to empower Emirati families and strengthen their social stability. He explained that through this initiative, the program aims to provide flexible financing solutions that meet the needs of senior citizens, while ensuring comprehensive insurance coverage to protect them from financial risks. Al Mansouri pointed out that raising the maximum loan coverage age to 95 years marks a qualitative shift in housing policy, as it opens broader opportunities to benefit from housing support, enhancing social equity and reducing rejection rates caused by insurance or financing constraints. In line with the initiative, the Central Bank of the UAE has issued a new regulatory notice allowing banks and financing companies to adopt more flexible financing models. The notice also permits financing for citizens with existing mortgages, provided that the new property serves as their primary and actual place of residence. Citizens benefiting from the national loan programme are included after verifying their repayment capability, which enhances the inclusiveness of the initiative and ensures fairness in the distribution of housing support. This initiative is part of a series of achievements by the Sheikh Zayed Housing Programme, reflecting the UAE's commitment to enhancing the quality of life for its citizens. In recent years, the programme has undergone strategic developments that accelerated the housing support process, improved customer satisfaction, and expanded partnerships with the banking and financial sectors. In support of the initiative to provide housing for senior citizens and special insurance protection for housing loans, the Ministry of Energy and Infrastructure, represented by the Sheikh Zayed Housing Programme, and Takaful service providers signed a partnership agreement with both Abu Dhabi National Insurance Company (ADNIC) a
Mid East Info
14-05-2025
- Business
- Mid East Info
ADNIC delivers robust performance in Q1'25 with net profit before tax of AED 133.3 million - Middle East Business News and Information
Abu Dhabi National Insurance Company (ADNIC), one of the leading regional multi-line insurance providers for both corporates and individuals, has delivered strong financial results for the first quarter of 2025. ADNIC reported a net profit before tax of 133.3 million, marking a 19.2% increase compared to the same period in 2024 as a result of strong underwriting and investment performance. ADNIC's results reflect its ability to adapt and grow despite evolving market dynamics. 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.
Al Etihad
14-05-2025
- Business
- Al Etihad
ADNIC records Dh133.3 million net profit before tax in Q1
14 May 2025 11:45 ABU DHABI (WAM) Abu Dhabi National Insurance Company (ADNIC) has delivered strong financial results for the first quarter of 2025. It reported a net profit before tax of Dh133.3 million, marking a 19.2 percent increase compared to the same period in 2024 as a result of strong underwriting and investment swiftly completed its integration and rebranding efforts following the successful acquisition of a 51 percent 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 the company's ambition to be a leading insurance player across the 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 of ADNIC, Sheikh Mohamed bin Saif Al-Nahyan, commented on ADNIC's performance, '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 continue to reflect our aspiration of becoming the leading insurance provider across the region.' Chief Executive Officer of ADNIC, Charalampos Mylonas, said, "We made the best possible start to the year, delivering strong financial results supported by resilient underwriting, cost discipline, and strategic expansion.'
Zawya
14-05-2025
- Business
- Zawya
ADNIC records $36.3mln net profit before tax in Q1
ABU DHAB Abu Dhabi National Insurance Company (ADNIC) has delivered strong financial results for the first quarter of 2025. It reported a net profit before tax of AED133.3 million, marking a 19.2 percent increase compared to the same period in 2024 as a result of strong underwriting and investment performance. ADNIC swiftly completed its integration and rebranding efforts following the successful acquisition of a 51 percent 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 the company's 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 continue 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.'
