12/11/2026 05:55 AST
Abu Dhabi National Insurance Company (ADNIC), one of the leading regional multi-line insurance providers, posted a net profit after tax of AED356 million ($96.94 million), similar to AED354.7 million reported for the same period last year.
The results display prudent recognition of provisions related to geopolitical risks, flood-related claims and the impact of short-term investment market volatility.
ADNIC's underlying business remained strong, supported by disciplined risk management and the resilience of its core operations.
Insurance revenue growth
Insurance revenue grew by 12.9% to AED6.9 billion, reflecting the Group's ability to capture opportunities across key sectors while continuing to provide comprehensive protection to individuals and businesses.
ADNIC maintained strong underwriting performance, with a combined ratio of 92.8%. Net insurance service results stood at AED361.5 million, down 5.4% year-on-year due to elevated claims activity. Throughout the period, the Group continued to meet its commitments to policyholders.
Net investment income for the nine-month period increased by 2.1% to AED228.1 million. Despite temporary market volatility, the Group benefited from solid growth in bond interest income and rental income, alongside robust disposal activity reflecting proactive and opportunistic portfolio management.
Financial strength
ADNIC's financial strength was further reinforced by AM Best's affirmation of its Financial Strength Rating of A (Excellent) and Long-Term Issuer Credit Rating of "a" (Excellent), both with a stable outlook, in September 2026.
The ratings indicate the company's very strong balance sheet, strong operating performance and appropriate enterprise risk management. S&P Global Ratings also affirmed ADNIC's "A" long-term issuer credit and insurer financial strength ratings with a stable outlook earlier in the year.
ADNIC also continued to advance its international growth strategy. Its branch in GIFT City, India, became fully operational on April 1, 2026 with an experienced local team, building on the company's established cross-border reinsurance business.
The branch's formal launch, alongside Mutakamela's business trajectory and positive outlook in Saudi Arabia, supports the Group's efforts to continue to diversify revenue streams and strengthen its international footprint.
Partnership with Allianz
ADNIC's partnership with Allianz Trade Middle East Limited, in its first year, has added value to the company's product offerings and overall business performance.
Commenting, Sheikh Mohamed Bin Saif Al-Nahyan, Chairman of ADNIC, said: "Throughout the first nine months of 2026, ADNIC remained focused on protecting our customers, strengthening our market position and advancing our long-term growth strategy. Our resilient performance reflects the strength of our underlying business and our disciplined approach to managing risk. With a diversified portfolio and an expanding international footprint, we remain confident in our ability to support the economic ambitions of the UAE and the other markets we serve while creating sustainable value for our shareholders, customers and wider stakeholders."
Jugal Madaan, Acting Chief Executive Officer of ADNIC, said: "Our performance reflects our continued focus on underwriting discipline, advanced analytics and operational excellence. We continued to meet our commitments to policyholders while navigating elevated claims activity and temporary investment market volatility. The operational launch of our India branch and Mutakamela's business in Saudi Arabia further support our diversification strategy. Looking ahead, our outlook remains positive, supported by the strength of our underlying business and an expected normalisation in performance as conditions stabilise. We will continue investing in our people, technology and capabilities to deliver sustainable value for our customers and shareholders."
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