Abu Dhabi National Ins. Company (Adnic) completed its acquisition of a 51% stake in Riyadh-based Allianz Saudi Fransi Cooperative Ins. (Allianz SF), making it a majority shareholder in the Tadawul-listed insurer, according to an ADX disclosure (pdf).

The transaction was worth SAR 499 mn and valued Allianz SF at SAR 16.31 per share.

Background: Adnic and Allianz Group — Allianz SF’s parent company — had reached a binding agreement for the transaction back in September 2023. The acquisition is part of Adnic’s strategic plan to “extend its presence into the Saudi Arabian market … and boost its consumer retail portfolio,” it said in the disclosure.

Some things will stay the same: The announcement saw Allianz SF assuring shareholders that it will remain Tadawul-listed, according to a disclosure to Tadawul. Its dividend policy will also remain unchanged, it said.

About Allianz SF: Allianz SF was established in 2007 as a joint venture between Munich-based multinational financial services company Allianz Group and Banque Saudi Fransi, according to the company’s website. The ins. provider saw its bottom line increase 4x y-o-y to SAR 37 mn in 2023, while revenues grew to SAR 862.6 mn.

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