• Abu Dhabi National Insurance Co. (ADNIC) has acquired a 51% stake in Allianz Saudi Fransi Cooperative Insurance Co., a Saudi Arabia-listed insurer, for 499 million riyals ($133.1 million). The deal was finalized at an average price of approximately SAR 16.31 per share, along with customary transaction expenses, as stated in a regulatory filing by ADNIC on Thursday. 

• This strategic move aligns with ADNIC's expansion strategy into the Saudi Arabian market. The Gulf Cooperation Council (GCC) insurance sector has witnessed a significant increase in mergers and acquisitions (M&A), with approximately 33 deals completed between 2021 and 2023. According to a recent report by Alpen Capital, an UAE-based investment banking advisory firm, the Saudi insurance market is projected to grow at a rate of 5.8% between 2023 and 2038. With the region experiencing robust growth in the insurance sector, ADNIC aims to leverage this strategic investment to strengthen its presence and contribute to the expansion of its business portfolio in Saudi Arabia.