Adnic CEO steps down after 6 years

Abu Dhabi National Insurance Company’s (Adnic) CEO Walid Sidani has stepped down with effect from today (December 1, 2014).

The company said in a statement that it will soon announce the successor of Sidani, who led the company for six years.

The insurance company’s net profit in the first third quarter of 2014 dropped to Dh94 million compared to Dh141 million during the same period last year – a drop of nearly 33.33 per cent.

Its gross written premiums for the period ended September 30, 2014, grew by 21 per cent to Dh2 billion from Dh1.66 billion during the same period last year.

Net underwriting income in Q3 fell to Dh166 million, decreasing 32 per cent from Dh244 million during the same period last year.

Khalifa Mohamed Al Kindi, Adnic Chairman, said the strategies and infrastructure put in place will sure help Adnic maintain its regional leadership role in the years ahead.

Sidani said: “We have been able to expand geographically, our product suite, distribution channels, and customer service delivery capabilities. As I leave Adnic, I ensured that the organisation is today possessing the brightest talent in the Mena insurance industry and is fit for a greater purpose.”

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