ADNIC Finalizes Purchase of 51% Stake in Allianz Saudi Arabia 

Abu Dhabi National Insurance Company (ADNIC) has successfully acquired a 51 percent stake in Allianz Saudi Fransi Cooperative Insurance Company in Saudi Arabia. 

This strategic move positions ADNIC as a prominent Tier-1 insurer in Saudi Arabia, bolstering its status as a key player in the Gulf region’s insurance landscape. ADNIC’s expansion aligns with its overarching growth strategy, emphasizing geographical diversification and market presence. 

With this acquisition, ADNIC extends its operational footprint to encompass the two largest and rapidly expanding insurance markets in the Gulf, as well as the broader Middle East and Africa regions. 

Sheikh Mohamed bin Saif Al Nahyan, Chairman of ADNIC, said, “The connection between the UAE and Saudi Arabia is deep, mutually beneficial and ever-growing. At ADNIC, we see Saudi Arabia as a high-potential market which perfectly aligns with our overall growth strategy, and we are looking forward to unlocking new possibilities for growth and success.” 

Charalampos Mylonas, CEO of ADNIC, said, “The strategic acquisition of a majority stake in Allianz – Saudi Arabia is a milestone that enables us to push forward with our regional growth ambitions. This move further solidifies our position as the preferred insurer for consumers, one that always seeks new ways to protect customers and empower the communities we serve. Looking ahead, this acquisition places us in a strong position to deliver industry-leading products across all major insurance lines.” 

The initiative capitalizes on ADNIC’s recent financial achievements, including a notable profit surge in 2023, reaching AED 401.2 million, marking a significant 12.18 percent increase compared to the previous year. 

Omar Khedr (pictured) serves as SVP – Legal and Compliance at ADNIC.