Abu Dhabi National Insurance Company completed the acquisition of a 51% stake in Allianz Saudi Fransi from Allianz for $133.1m.

Abu Dhabi National Insurance Company, a multiline regional insurance provider, completed the acquisition of a 51% stake in Allianz Saudi Fransi, a company that offers a range of life and non-life insurance products and services to individuals and corporate customers, from Allianz, a company that offers insurance and financial services, for $133.1m. “The connection between the UAE and Saudia Arabia is deep, mutually beneficial and ever-growing. At ADNIC, we see Saudia Arabia as a high-potential market which perfectly aligns with our overall growth strategy, and we are looking forward to unlocking new possibilities for growth and success," Sheikh Mohamed Bin Saif Al-Nahyan, ADNIC Chairman.