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 ins. company, according to an ADX disclosure (pdf). Adnic acquired the stake at SAR 16.31 per share, valuing the transaction at USD 133.1 mn (SAR 499 mn).

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.

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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