ADNIC reports net profit of Dh100.9 million for Q1 2024
- Date: 09-May-2024
- Source: Gulf News
- Sector:Financial Markets
- Country:Saudi Arabia
ADNIC reports net profit of Dh100.9 million for Q1 2024
Strategic asset allocation adjustments implemented in 2023 continue to pay dividends. Net income from investments for the first quarter of 2024 increased by 17.4 per cent to Dh54.4 million, driven by higher interest and coupon income and mark-to-market gains.
Sheikh Mohamed Bin Saif Al-Nahyan, Chairman of ADNIC, said: "Following the strong close to the first quarter, ADNIC achieved a significant milestone with the successful acquisition of Allianz Saudi Fransi Cooperative Insurance Company. This strategic move strengthens our regional presence and positions us as a leading composite insurer across the GCC."
Despite ongoing investments in growth, ADNIC has successfully managed an expense ratio of 12.3 per cent, meaningfully lower than premium growth.
ADNIC reports net profit of Dh100.9 million for Q1 2024
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