Allianz Completes Transaction to Sell 51% Stake in Allianz Saudi Fransi to Abu Dhabi National Insurance Company (ADNIC)
- Written by: iPMI Global
Allianz Group has announced the completion of the disposal of its 51% stake in Allianz Saudi Fransi to Abu Dhabi National Insurance Company (ADNIC), a multiline regional insurance provider based in the United Arab Emirates and listed on the Abu Dhabi Stock Exchange. The signing of a binding agreement was initially reported on September 28, 2023.
The transaction, which has already cleared regulatory approvals, is part of Allianz Group’s business strategy to streamline its operation in the Middle-East.
Employees and customers of Allianz Saudi Fransi will not be affected by the transaction.
Allianz's Global Lines businesses in the country like Allianz Global Investors, PIMCO, Allianz Trade, Allianz Partners and Allianz Re will continue to offer tailored and best in class products and services and their deep expertise in underwriting, claims and asset management to their customers in the Kingdom of Saudi Arabia.
Established in 2007, this joint venture between the Allianz Group and Banque Saudi Fransi Allianz Saudi Fransi provides a range of insurance products for individuals and corporate clients including health insurance, travel insurance and marine insurance.
Commenting on the acquisition, Sheikh Mohamed Bin Saif Al-Nahyan, Chairman of ADNIC, said, “The connection between the UAE and Saudia Arabia is deep, mutually beneficial and ever-growing. At ADNIC, we see Saudia 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 – Saudia 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."
Abu Dhabi National Insurance Company PJSC (ADNIC) was established in the United Arab Emirates (UAE) in 1972. ADNIC is a leading multi-line regional insurance provider with long-standing expertise in providing insurance and reinsurance services to individuals and corporates across the Middle East and North Africa (MENA) region. ADNIC is licensed by the Central Bank of the UAE and listed on Abu Dhabi Securities Exchange (ADX).
Headquartered in Abu Dhabi, ADNIC has a wide network of branches, as well as sales and customer service centres, across the country.
ADNIC offers both commercial and consumer insurance products that are customisable and scalable. This flexibility enables the company to meet the unique and evolving needs of individuals, as well as small, mid-sized and large companies in the UAE and wider MENA region.
ADNIC’s financial maturity, robust balance sheet and operational excellence enable the Company to meet its obligations to clients and provide peace of mind when they need it most. The Company’s financial ratings by Standard and Poor’s has been reaffirmed with a rating of ‘A’ and a Stable Outlook in 2022. AM Best too has reaffirmed the financial strength rating of A (Excellent) and a long-term issuer credit rating of “a” (Excellent) with a stable outlook in 2022.
ADNIC has partnered with notable organisations across the Emirates to continue to enhance its sustainability and core business model. Notable examples includes ADNIC’s partnership with the Social Investment Fund, administered by the Authority of Social Contribution - Ma’an, which started in 2020 to support the UAE community during its fight against the pandemic. In 2023, ADNIC contributed AED 2 million to Ma’an to support societal priorities in Abu Dhabi. ADNIC has also collaborated with Emirates Nature-WWF for the third consecutive year, contributing to local conservation projects to help pave the way for the UAE to achieve its net zero goals, as well as the Reach campaign, contributing AED 1.5 million to support its efforts to combat neglected tropical diseases (NTDs).
ADNIC is also proud to work with the government to encourage UAE nationals to work in the private sector, developing a UAE national talent programme called “Emkanati”. The programme trains Emiratis in ADNIC underwriting divisions as the company is working towards enhancing the skills of its workforce to ensure they develop essential technical, behavioural and leadership skills required in their current and future roles.
In October 2021, ADNIC was recertified for ISO 9001:2015 by LRQA (Lloyds Registered Quality Assurance). ADNIC continues to be one of the most awarded insurance companies in the region.
