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Abu Dhabi National Insurance Company (ADNIC) has reported strong financial performance for the nine-month period ending September 30, 2024. The company successfully integrated its newly acquired subsidiary, Allianz Saudi Fransi Cooperative Insurance Company, in Saudi Arabia, aligning it with ADNIC’s operations. Key financial results include a 57.2% year-on-year increase in insurance revenue, reaching AED 5.2 billion, and a 13.7% rise in the insurance service result to AED 308.5 million. Despite challenges in the UAE insurance market, ADNIC achieved double-digit growth in critical KPIs. Net investment income grew by 27.3% to AED 202.3 million, and the net financial result increased by 18.4% to AED 508.7 million. Profit before tax rose by 13.5% to AED 342.5 million, with a profit after tax of AED 307.8 million. The company continues to focus on automation and accessibility in its strategic initiatives.

Abu Dhabi National Insurance Company PJSC reported strong financial performance for the third quarter of 2024. The company achieved a combined ratio of 93% and net insurance service results of AED 308.5 million. Gross Written Premiums reached a record AED 6.1 billion, marking a 56% increase from the previous year. Investment income for the nine-month period rose by 27.3% to AED 202.3 million. Despite challenges in the UAE insurance market due to floods, ADNIC was the only top-tier company to achieve double-digit growth in its insurance service results, which increased by 13.7% year-on-year. As of September 30, 2024, total assets grew by 55.6% to AED 12 billion, with shareholders’ equity at AED 3.4 billion. Strategically, ADNIC completed the acquisition of a 51% stake in Allianz Saudi Arabia Cooperative Insurance Company, enhancing its regional presence. The company remains committed to sustainability, risk management, and innovation, including establishing an AI-specific data management unit. No new securities were issued during the period.

The Board of Directors of Abu Dhabi National Insurance Company (ADNIC) reported the financial results for the nine-month period ending September 30, 2024. ADNIC successfully acquired a 51% stake in Allianz Saudi Fransi Cooperative Insurance Company (ASF) in Saudi Arabia, with results consolidated from April 17, 2024. The Group, including ASF, showed strong performance with net insurance service results of AED 308.5 million, a 13.7% increase year-on-year, despite earlier flood events. Insurance revenue grew by 57.2% to AED 5.2 billion. Consolidated net investment income rose by 27.3% to AED 202.3 million. The Group achieved a net profit before tax of AED 342.5 million, a 13.5% increase from the previous year. The Board expressed gratitude to UAE leadership and emphasized ADNIC's strong financial foundation and skilled management, positioning it to seize emerging opportunities and support regional insurance industry growth.

The Abu Dhabi National Insurance Company PJSC held its Board of Directors Meeting No. 7/2024 on Monday, November 11, 2024, from 11:00 am to 12:00 pm. Seven board members were present, meeting the quorum requirement of five out of nine. The board approved the meeting agenda, the minutes from previous meetings No. 5/2024 and No. 6/2024, and decisions made by circulation. They also approved the company's financial statements for the third quarter of 2024 and the recommendations of the board committees. The meeting was documented by Board Secretary Omar Khedr.

Drake and Scull International PJSC reported a net profit of AED 5.9 million for the third quarter of 2024, marking a significant improvement from a net loss of AED 34.9 million in the same period last year. The company's revenues grew by 13% to AED 21.5 million, driven by increased activity in India, Romania, and Tunisia. For the first nine months of 2024, Drake and Scull achieved a year-to-date profit of AED 3.8 billion, largely due to a write-back of AED 3.75 billion in liabilities as part of their restructuring process. Earnings per share for this period were AED 1.88, compared to a loss per share of AED 0.18 last year. The restructuring has strengthened the company's financial position, increasing total assets to AED 715.6 million and improving equity to AED 174.1 million, while also reducing debt through the conversion of some obligations into Mandatory Convertible Sukuks.