Abu Dhabi National Insurance Company (ADNIC) plans to set up a branch in India’s Gujarat International Finance Tec-City (GIFT City), India’s International Financial Services Centre (IFSC), as part of its ongoing regional expansion. The Abu Dhabi-based insurer has received approval from the Central Bank of the United Arab Emirates (CBUAE) for the branch and is awaiting regulatory clearance from Indian authorities. Subject to final approvals, the company expects to begin operations in the latter part of 2026.
The move follows ADNIC’s entry into Saudi Arabia through Mutakamela Insurance and adds India to the group’s existing Gulf and regional markets. For insurance professionals, the planned branch is expected to add regional capacity for India-related risks and may affect cross-border program design and reinsurance placements involving India and the Gulf. According to WAM’s report, the India branch is expected to diversify ADNIC’s revenue sources while serving multinational and regional clients with exposures in India. The presence in GIFT City is also expected to support corporate, specialty, and reinsurance business written under the IFSC framework.
The announcement comes as the UAE and India seek to deepen economic and trade ties. Both governments have set a target of doubling bilateral trade to US$200 billion by 2032, building on the Comprehensive Economic Partnership Agreement (CEPA) that came into force in 2022. Insurance and reinsurance related to trade, infrastructure, and capital flows form part of that broader relationship. Sheikh Mohamed bin Saif Al Nahyan, chairman of ADNIC, positioned the India plan within the company’s international strategy. “The move reflects ADNIC’s global expansion ambitions and its commitment to strengthening its presence in high-growth markets, driven by the UAE’s strategic ties with India and a long-standing relationship built on trade, trust, and shared ambition. The planned opening of ADNIC’s India branch reflects this profound relationship and serves to deepen it further, as well as advancing our global growth aspirations. As one of the UAE’s largest leading insurer, our growing international presence enables us to broaden client engagement across the world’s most dynamic markets,” he said, as reported by WAM.
Chief executive officer Charalampos Mylonas said the GIFT City operation is intended to support clients and partners in India and in the wider region. “Establishing an international branch in GIFT City demonstrates our long-term commitment to supporting clients and partners in India. It will also reinforce UAE–India economic ties while leveraging GIFT City’s emergence as a leading international insurance and reinsurance hub. ADNIC’s India branch, alongside Mutakamela Insurance ADNIC’s subsidiary in KSA, will further enhance our ability to service our growing network of clients and business partners enabling faster decision-making, tailored capacity, and access to deeper global capabilities,” he said.
ADNIC’s expansion steps are taking place after reported growth in its financial results. For the first nine months of 2025 (9M 2025), the company reported profit before tax of AED 395 million, up 15.3% compared with the same period in 2024. Gross written premiums reached AED 7,207.1 million, an increase of 17.4% year on year. The combined ratio for the period was 93.2%. Total insurance revenue for the first nine months of 2025 was AED 6.1 billion, compared with AED 5.2 billion in the prior-year period, a year-on-year increase of 16.1%. Net insurance service result rose 23.9% to AED 382.3 million, and net income from investments increased 10.4% to AED 223.3 million. As of Sept. 30, 2025, ADNIC reported total assets of AED 10.6 billion and total shareholders’ equity of AED 3.6 billion. Management has linked these results to the company’s capacity to pursue regional initiatives, including new branches and partnerships, and to support product areas such as trade credit and specialty lines that are relevant to cross-border business.
ADNIC’s planned presence in GIFT City comes as India’s IFSC structure is attracting interest from international financial and technology firms. At the World Economic Forum Annual Meeting 2026 in Davos, GIFT City representatives met financial institutions, investors, and technology companies to discuss India-linked activity across banking, capital markets, insurance, fintech, and digital operations. Meetings with firms including Euroclear, Marsh McLennan, Invesco, Visa, and Nasdaq covered capital markets development, cross-border fund flows, and aspects of the regulatory framework at GIFT City.
GIFT City managing director and group CEO Sanjay Kaul said the discussions pointed to growing use of India as a base for financial and technology operations. “India is at a defining stage in its economic journey, with global institutions increasingly viewing the country not just as a market, but as a base for sophisticated financial and technology operations. The discussions at Davos reflect growing confidence in GIFT City’s regulatory framework and operating environment, and its ability to offer global firms a competitive, internationally aligned platform within India’s jurisdiction to participate in the country’s long-term growth,” he said, as reported by The Hindu. For insurance professionals in Asia, ADNIC’s planned India branch adds another Gulf-based carrier preparing to operate within India’s IFSC ecosystem. The development could affect competition, capacity deployment, and partnership structures for India-related and regional risks over the medium term.
