Abu Dhabi National Insurance Company (ADNIC) has completed the acquisition of a 51% stake in Allianz Saudi Fransi Cooperative Insurance Company (Allianz Saudi Fransi) in Saudi Arabia.
The acquisition will make ADNIC one of the Tier-1 listed insurers in Saudia Arabia, strengthening its position as a leading insurer in the Gulf region.
ADNIC has been actively exploring opportunities and expanding its geographical footprint as part of its growth strategy.
“The strategic acquisition of a majority stake in Allianz – Saudia 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,” said Charalampos Mylonas, CEO of ADNIC.
Mohammed Ali Londe, the Vice President and Senior Analyst at Moody’s Ratings, said ADNIC’s acquisition of a majority stake in Allianz Saudi Fransi provides a solid platform to extend its footprint in Saudi Arabia, particularly in consumer and retail insurance.
Founded in 1972, ADNIC has operations in the UAE and provides risk coverage in over 75 countries through its international division operating from Dubai as well as a representative office in London.
ADNIC’s full-year profits surged by 12.18% to a record AED 401.2 million in 2023.