Recent Research

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  FIRST LOOK NOTES

  17 Feb 2025

  Abu Dhabi National Insurance C...

  BUY

  Last Closing Price

  AED 6.60

  Target Price

  AED 8.78

  Upside (%)

  +33.03%

  UAE Equity Research - Abu Dhabi National Insurance Co (ADNIC) 4Q24 - First Look Note

  The Company witnessed a record GWP of AED 7.5 Bn in 2024, up 50.4% compared to 2023. ADNIC’s insurance service result grew 47.5% YOY to AED 140 Mn in 4Q24 due to strong underwriting performance. The Company’s board of directors recommended distributing a cash dividend of AED 0.45 per share for 2024 amounting to AED 256.5 Mn with a strong dividend yield of 6.8%.

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• 

  FIRST LOOK NOTES

  29 Nov 2024

  Abu Dhabi National Insurance C...

  BUY

  Last Closing Price

  AED 6.07

  Target Price

  AED 8.78

  Upside (%)

  +44.65%

  UAE Equity Research - Abu Dhabi National Insurance Co (ADNIC) 3Q24 - First Look Note

  Gross Written Premium (GWP) rose 56% YOY to record high level at 6.1 Bn in 3Q24. Expense ratio declined 120 bps YOY to 20.0% in 3Q24 while net claims ratio increased from 66.3% in 3Q23 to 73.2% in 3Q24. Combined ratio rose from 87.5% in 3Q23 to 93.2% in 3Q24 due to higher net claims ratio over expenses ratio.

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• 

  FIRST LOOK NOTES

  12 Oct 2024

  Abu Dhabi National Insurance C...

  BUY

  Last Closing Price

  AED 6.00

  Target Price

  AED 8.78

  Upside (%)

  +46.33%

  Cost control measures benefitted profitability

  Completed acquisition of 51% stake in Allianz Saudi Fransi Cooperative Insurance Company (ASF) on 17 April 2024 for AED 489 Mn. The amount is paid using internal accruals.

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• 

  FIRST LOOK NOTES

  28 Feb 2024

  Abu Dhabi National Insurance C...

  BUY

  Last Closing Price

  AED 5.95

  Target Price

  AED 8.78

  Upside (%)

  +47.56%

  Strong underwriting performance drove the bottom-line

  ADNIC’s expense ratio rose 110 bps to 21.0% in 2023 driven by investments in technology and digital infrastructure. ADNIC’s net claims ratio increased 160 bps to 67.1% in 2023. ADNIC’s combined ratio grew 260 bps to 88.0% in 2023.

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• 

  FIRST LOOK NOTES

  05 Dec 2023

  Abu Dhabi National Insurance C...

  BUY

  Last Closing Price

  AED 6.04

  Target Price

  AED 8.78

  Upside (%)

  +45.36%

  Solid underwriting performance and robust growth in investment income drove the bottom line

  ADNIC’s expense ratio rose 160 bps YOY and 340 bps QOQ to 21.6% in 3Q23 driven by investments in technology and digital infrastructure.

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• 

  FIRST LOOK NOTES

  28 Sep 2023

  Abu Dhabi National Insurance C...

  BUY

  Last Closing Price

  AED 6.10

  Target Price

  AED 9.00

  Upside (%)

  +47.54%

  Solid underwriting performance and robust growth in investment income drove the bottom line

  ADNIC’s expense ratio declined 160 bps YOY and 310 bps QOQ to 18.2% in 2Q23 driven by a well-maintained cost base

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