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Earnings Report

Abu Dhabi National Insurance Company

Q1 26 NEUTRAL LOW Impact

1. Company Overview & Earnings Context

Abu Dhabi National Insurance Company (ADNIC) reported resilient Q1 2026 performance despite volatile market conditions and regional geopolitical developments impacting the insurance sector. The company maintained strong underwriting discipline while continuing its international expansion strategy.

ADNIC highlighted that prudent recognition of war-related provisions and short-term investment market volatility impacted profitability during the quarter.

2. Financial Performance Snapshot

  • Insurance revenue: AED 1.89B

  • Insurance service result: AED 114.3M

  • Net investment income: AED 65.1M

  • Profit before tax: AED 99.5M

  • Net profit: AED 87.9M

  • Earnings per share (EPS): AED 0.17 (vs AED 0.20 YoY)

3. Operational Highlights & Key Metrics

  • Gross Written Premium (GWP): AED 3.80B

  • Combined ratio: 95.7%

  • Expense ratio: 16.0%

  • Balance sheet & liquidity:

    • Total assets: AED 10.54B

    • Total equity: AED 3.52B

    • Cash & cash equivalents: AED 348.2M

    • Total deposits & cash: AED 502.8M

  • Investment portfolio: AED 4.68B

  • Insurance contract liabilities: AED 6.51B

  • Reinsurance contract assets: AED 4.15B

  • Dividend approved: AED 267.9M

    • Equivalent to AED 0.47 per share


4. Key Performance Drivers

  • Strong underwriting performance across insurance operations

  • Higher war-related provisions impacting profitability

  • Short-term investment market volatility affecting investment income

  • Continued growth in bond interest income and rental income

  • Disciplined cost management maintaining a low expense ratio

  • Strong reinsurance protection and solvency position supporting operational resilience

5. Outlook & Forward Guidance

  • Continued focus on underwriting discipline, operational efficiency, and international expansion

  • ADNIC opened a new branch in India’s GIFT City IFSC during Q1 2026

  • The company continues expanding its presence across India and Saudi Arabia markets

  • Management expects normalization of market conditions to support future performance

  • ADNIC stated that it remains well-capitalized with solvency levels above regulatory requirements

6. 🧾 Investor Takeaway

ADNIC delivered resilient Q1 2026 results despite geopolitical and investment market volatility, supported by strong underwriting performance, disciplined cost management, healthy solvency levels, and continued international expansion across high-growth insurance markets.