Recent Research

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  FIRST LOOK NOTES

  20 Aug 2026

  Abu Dhabi National Insurance C...

  BUY

  Last Closing Price

  6.99

  Target Price

  9.35

  Upside (%)

  +33.76%

  UAE Equity Research - Abu Dhabi National Insurance Co (ADNIC) 2Q26 - First Look Note

  Gross written premiums (GWP) stood at AED 6.1 Bn in 1H26, compared to AED 5.5 Bn in 1H25, reflecting resilient underwriting performance. Premium retention ratio decreased from 42.9% in 1H25 to 33.7% in 1H26.

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• 

  FIRST LOOK NOTES

  20 Feb 2026

  Abu Dhabi National Insurance C...

  BUY

  Last Closing Price

  7.85

  Target Price

  9.35

  Upside (%)

  +19.11%

  UAE Equity Research - Abu Dhabi National Insurance Co (ADNIC) 4Q25 - First Look Note

  Gross written premiums (GWP) grew 13.4% YOY to AED 8.5 Bn in 2025, supported by resilient growth across selected business segments and territories. Premium retention ratio increased from 38.3% in 2024 to 42.3% in 2025, mainly due to overall low retention levels in commercial lines.

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• 

  FIRST LOOK NOTES

  18 Nov 2025

  Abu Dhabi National Insurance C...

  BUY

  Last Closing Price

  7.25

  Target Price

  8.78

  Upside (%)

  +21.10%

  UAE Equity Research - Abu Dhabi National Insurance Co (ADNIC) 3Q25 - First Look Note

  Net profit grew 18.7% YOY to AED 119 Mn during 3Q25, exceeding estimates on robust underwriting performance and lower insurance service expenses. Gross written premiums (GWP) grew 17.4% YOY to AED 7.2 Bn in 9M25, supported by resilient growth across major business lines.

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• 

  FIRST LOOK NOTES

  21 Aug 2025

  Abu Dhabi National Insurance C...

  BUY

  Last Closing Price

  6.99

  Target Price

  8.78

  Upside (%)

  +25.61%

  UAE Equity Research - Abu Dhabi National Insurance Co (ADNIC) 2Q25 - First Look Note

  Witnessed a GWP of AED 5.5 Bn in 1H25, up 25.7% compared to 1H24. Insurance service results grew 15.8% YOY to AED 117 Mn in 2Q25 due to strong underwriting performance. Premium Retention ratio rose from 38.6% in 2Q24 to 42.9% in 2Q25, while the Combined Ratio increased 50 bps YOY to 92.9% in 2Q25.

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• 

  FIRST LOOK NOTES

  16 May 2025

  Abu Dhabi National Insurance C...

  BUY

  Last Closing Price

  6.41

  Target Price

  8.78

  Upside (%)

  +36.97%

  UAE Equity Research - Abu Dhabi National Insurance Co (ADNIC) 1Q25 - First Look Note

  ADNIC witnessed a Gross written premium (GWP) of AED 3.9 Bn in 1Q25, up 27.4% compared to 1Q24. Insurance service result grew 37.0% YOY to AED 141 Mn in 1Q25 due to strong underwriting performance.

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• 

  FIRST LOOK NOTES

  17 Feb 2025

  Abu Dhabi National Insurance C...

  BUY

  Last Closing Price

  6.60

  Target Price

  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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