Abu Dhabi National Insurance Company voted as the Insurance Company of the Year 2011

Press release

Published February 8th, 2011 - 07:06 GMT

Abdul Rahman Mohammed Al Baker, Executive Director of Financial Institutions Supervision at the Central Bank of Bahrain, presenting the award to Walid Sidani, CEO of ADNIC

Achievements, innovations and excellence in the regional insurance industry were recognised at the 7^th Annual Middle East Insurance Forum (MEIF 2011) award ceremony which was held at the Ritz Carlton in the Kingdom of Bahrain. The annual MEIF Insurance Company of the Year Award, which is one of the most prestigious in the industry, is designed to recognize institutions that have made a significant contribution to the regional insurance industry. The MEIF Insurance Company of the Year Award recognizes a leading institution that has demonstrated outstanding achievements and institutional excellence in major performance areas.

Abu Dhabi National Insurance Company (ADNIC) has been voted as the 2011 MEIF Insurance Company of the Year from a short-list of nominees through a unique industry-based voting system. ADNIC’s nomination for the award was based on their superior risk-adjusted capitalization, strong business position in the insurance market, and their robust financial performance. ADNIC also reflected a very strong capitalization, operating performance, and liquidity, coupled with strong earnings setting an industry-wide example of best practice.

Abdul Rahman Mohammed Al Baker, Executive Director of Financial Institutions Supervision at the Central Bank of Bahrain, presented the award to Walid Sidani, Chief Executive Officer of ADNIC at an impressive gala dinner and award ceremony held on the sidelines of MEIF 2011. Receiving the award, Walid Sidani said that "ADNIC was delighted to have been voted the MEIF 2011 Insurance Company of the Year. To receive this award, which is considered to be one of the most prestigious awards in the industry, is indeed a great honour.”

He said that “this award is a recognition of our commitment and dedication to insurance excellence. It is a reflection of the collective progress that we are making as a leading insurance company in the Middle East and North Africa region. It is a result of the commitment of our people to our corporate values, vision and mission and their hard work and the trust that our customers and shareholders have placed on us.”

“This award is a major milestone in our path to achieving our vision of becoming the leading and reliable insurer of choice within the MENA region", he added.

MEIF 2011 was attended by more than 450 leaders from across the region’s insurance industry and the 7th annual gathering will continue discussions on the 8^th of February at the Ritz Carlton in Bahrain.

Background Information

Abu Dhabi National Insurance Company - ADNIC

Abu Dhabi National Insurance Company (ADNIC) PJSC is a composite insurance partner with long-standing expertise in providing insurance products to individuals and corporates across the Middle East and North Africa (MENA) region. Founded in the United Arab Emirates (UAE) in 1972, ADNIC has a wide network of branches as well as sales and service centers across the country. ADNIC also has a representative office in London, under the name ADNIC International Ltd. ADNIC is a publicly listed company on Abu Dhabi Securities Exchange (ADX).

Company Profile

Central Bank of Bahrain

The Central Bank of Bahrain ('CBB') is a public corporate entity established by the Central Bank of Bahrain and Financial Institutions Law 2006. It was created on 7th September 2006.

The CBB is responsible for maintaining monetary and financial stability in the Kingdom of Bahrain. It succeeded the Bahrain Monetary Agency, which had previously carried out central banking and regulatory functions since its establishment in 1973 (shortly after Bahrain secured full independence from Great Britain).