Abu Dhabi National Insurance Company (ADNIC)
TypePublic
ADX: ADNIC
IndustryInsurance
Founded10 September 1972
Headquarters
Abu Dhabi
,
United Arab Emirates
Area served
Worldwide
Key people
  • Shaikh Mohammed bin Saif al Nahyan (Chairman)
  • Tahnoon Al-Nahyan (Vice Chairman)
  • Charalampos Mylonas (CEO)
RevenueIncrease AED 5.13 billion (2022)[1]
Increase AED 377.9 million (2022)[1]
Total assetsIncrease AED 9.99 billion (2022)[1]
Total equityIncrease AED 2.69 billion (2022)[1]
Websitewww.adnic.ae

Abu Dhabi National Insurance Company PJSC (Arabic: شركة أبوظبي الوطنية التأمين; ADNIC) is a composite insurer headquartered in Abu Dhabi in the United Arab Emirates.[2] ADNIC is the second largest insurer in the UAE by premium and one of the largest in the Gulf Cooperation Council (GCC).[3]

The company is listed on the Abu Dhabi Stock Exchange and trades under the symbol and Bloomberg ticker ADNIC.[4]

History

ADNIC was established by Emiree Decree on 10 September 1972 and was the first insurer to be licensed in the Emirate of Abu Dhabi.[5] The company has expanded over the years and now provides a full suite of insurance and reinsurance products within the UAE, GCC and other countries in Asia and Europe.[6]

Operations

ADNIC has operations across all emirates in the United Arab Emirates consisting of a network of branches, as well as sales and customer service centres.[7] The insurer provides risk coverage in more than 75 countries through its international division operating from Dubai as well as a representative office in London.[7]

The company partners with regional and international brokers and has a global network of partnerships with global insurance and reinsurance companies.[8][9]

The largest shareholder in ADNIC is Mamoura Diversified Global Holding Company PJSC (24.77%), which is the sovereign wealth fund of the emirate of Abu Dhabi.[10]

Corporate Social Responsibility

ADNIC engages with all stakeholders through its various initiatives focused on health and wellbeing, climate change and giving back to the local community.[11] The company has partnerships with several CSR initiatives, and is a partner of Emirates Nature-WWF, where it contributes to local conservation projects and supports the UAE to achieve its net zero goals.[12]

In 2020, ADNIC partnered with the Social Investment Fund, administered by the Authority of Social Contribution - Ma’an, to support the UAE community during its fight against the pandemic.[13]

In 2022, the company also contributed to Ma’an to support the Abu Dhabi community in social challenges including physical and mental health, education, skill development, family and community causes.[14]

Ratings

ADNIC’s rating by credit rating agencies are:

  • A.M. Best: Financial strength rating of “A” (Excellent) and long-term issuer credit rating of "A" (Excellent), reaffirmed in 2022[15]
  • S&P: ‘A’ rating equivalent to strong with a stable outlook, reaffirmed in 2022[15]

Awards

Year of Award Name of Award Awarding Organization
2022 General Insurance of the year Middle East Insurance Industry Awards (MEII)[16]
2022 • Best Industry Call Centre (Insurance)

• Best Call Centre (Operational/ Across Industries)

• Call Centre Manager of the year (Small)

 INSIGHTS Middle East Call Centre & CX Awards 2022[17]
2022 • PeopleFirst Best HR team

• Technology Deployment in Recruitment

 PeopleFirst HR Excellence Awards[18]
2022 Excellence in INSURTECH FINNOVEX Awards[19]
2022 General Insurer of the year InsurTek Golden Shield Excellence Awards[20]

See also

References

  1. 1 2 3 4 ADNIC reports second quarter 2022 net profit of AED 186.9 million, adnic.ae, 14 February 2023, retrieved 31 October 2023
  2. ↑ ADNIC acquires majority stake in Allianz Saudi Fransi for $133.1mn, arabianbusiness.com, 28 September 2023, retrieved 31 October 2023
  3. ↑ AM Best affirms ADNIC's rating, atlas-mag.net, retrieved 31 October 2023
  4. ↑ Abu Dhabi National Insurance Company (ADNIC), adx.ae, retrieved 31 October 2023
  5. ↑ Abu Dhabi National Insurance (ADNIC), atlas-mag.net, retrieved 31 October 2023
  6. ↑ Rahman, Fareed (2014-10-01). "Adnic sets higher goals as it expands". Gulf News. Retrieved 2015-08-29.
  7. 1 2 ADNIC reports full year 2022 net profit of $102.97mln, zawya.com, 14 February 2023, retrieved 31 October 2023
  8. ↑ ADNIC partners with Jafza to provide exclusive medical and property insurance, zawya.com, 12 October 2022, retrieved 31 October 2023
  9. ↑ Shivani Dhruv,ADNIC partners with Ajman Free Zone to provide health insurance scheme, hsereview.com, 8 July 2021, retrieved 31 October 2023
  10. ↑ Abu Dhabi National Insurance Company PJSC Ownership, simplywall.st, retrieved 31 October 2023
  11. ↑ Adnic proud to be part of enabling the nation’s sustainable future, thenationalnews.com, 19 August 2022, retrieved 31 October 2023
  12. ↑ ADNIC renews partnership with Emirates Nature-WWF, gulftoday.ae, 9 June 2023, retrieved 31 October 2023
  13. ↑ ADNIC contributes AED 2 million to Ma’an to support societal priorities in Abu Dhabi, wam.ae, 11 September 2023, retrieved 31 October 2023
  14. ↑ ADNIC Contributes Dh2 Million To The Authority Of Social Contribution - Ma'an To Support Societal Priorities In Abu Dhabi., go.gale.com, 11 September 2023, retrieved 31 October 2023
  15. 1 2 AM Best affirms ADNIC's rating, atlas-mag.net, retrieved 31 October 2023
  16. ↑ 9TH MIDDLE EAST INSURANCE INDUSTRY AWARDS 2022, meinsurancereview.com, retrieved 31 October 2023
  17. ↑ Annual Middle East Call Centre 2022 Awards Winners, insights-me.com, retrieved 31 October 2023
  18. ↑ GlobalRecognition, adnic.ae, retrieved 31 October 2023
  19. ↑ ADNIC Launches WhatsApp Business Services, uaetoday.com, retrieved 31 October 2023
  20. ↑ Who were the winners of the IMC Golden Shield Excellence Awards?, xprimm.com, retrieved 31 October 2023
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