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AM Best has confirmed Abu Dhabi National Insurance Company's (ADNIC) “A” (Excellent) financial strength and “a” (Excellent) long-term credit ratings. The outlook for both ratings remains stable.
The rating recognizes the company's strong balance sheet, good operating performance, neutral business profile and appropriate enterprise risk management.
According to AM Best, the UAE insurer's 2019-2023 results were solid, with a five-year weighted average return on equity of 12%.
In 2023, the company posted a net profit of 401.2 million AED (109.2 million USD). The insurer maintained its good performance during the first half of 2024, with a net income of 205.2 million AED (55.9 million USD), achieved despite difficult market conditions and greater exposure to natural catastrophes.
With a turnover of 4.9 billion AED (1.3 billion USD), ADNIC is currently ranked second in the Emirati insurance market, after Orient Insurance.
It is worth recalling that ADNIC expanded its geographical presence in the GCC zone following the acquisition of a 51% stake in Allianz Saudi Fransi (Saudi Arabia).
