Abu Dhabi National Insurance Company (ADNIC)
TypePublic
ADX: ADNIC
IndustryInsurance
Founded10 September 1972
Headquarters,
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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