ADNIC shareholders approve cash dividends of 45% at Annual General Meeting

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ABU DHABI, 25th March, 2024 (WAM) — Abu Dhabi National Insurance Company (ADNIC) has approved the distribution of 45 percent cash dividends (AED 0.45 per share, implying total cash dividends of AED 256.5 million) for the financial year ended 31st December 2023, after concluding its Annual General Meeting (AGM) today.

Shareholders discussed and approved all items on the agenda for the AGM, including ADNIC’s financial statements for the year ended 31st December 2023.

Sheikh Mohamed bin Saif Al Nahyan, Chairman of ADNIC, said, “We are proud to have delivered strongly on our promises in the past year, a testament to the strategic direction set forth by management and the unwavering dedication of our employees. Shareholders stand as valued partners in our successful journey, pivotal in propelling ADNIC’s growth and development forward. The distribution of cash dividends underscores our commitment to providing consistent returns on their investments.

“The year 2023 marked a significant milestone for ADNIC, achieving one of the highest profits in its history, totaling AED 401.2 million. Looking ahead, we will continue to explore new markets and fortify our position as a key player in the GCC region.”

Charalampos Mylonas, CEO of ADNIC, said, “ADNIC continues to solidify its market leading position by strategically leveraging its core strengths. This is demonstrated by our record net profit performance for the year and is further evidenced by our distribution of cash dividends. Our commitment lies in creating exceptional value for both our customers and shareholders, while continuously enhancing various aspects of our operations by actively adopting and utilising new technologies.

“We are as dedicated as our shareholders are to supporting diverse communities and initiatives across the UAE and beyond, while also aligning with the government’s vision to promote a more sustainable future.”