ADNIC to acquire 51% stake in Allianz Saudi Fransi

On 27 September 2023, Abu Dhabi National Insurance Company (ADNIC) signed an agreement with Allianz for the acquisition of 51% of its Saudi subsidiary Allianz Saudi Fransi.

The transaction is valued at 499.008 million SAR (133.1 million USD).

This acquisition will enable the Emirati insurer to strengthen its position on the insurance market in the GCC zone, and particularly in Saudi Arabia. For its part, the German group is seeking to streamline its direct insurance activities in the Middle East.

Pending approval by the relevant authorities, the transaction is expected to be finalized in the upcoming months.