Dubai Insurance Company (DIN) has recorded a strong underwriting performance in 2024, posting a net insurance service result of AED108m ($29.4m), down from AED123m in 2023. Under IFRS 17, the company reported a combined ratio of 91% (2023: 86%).
DIN’s investment portfolio also contributed significantly to overall performance, with consistently strong returns on equity. The company generates substantial volumes through its Workers’ Protection Programme (WPP) and Involuntary Loss of Employment (ILOE) schemes. Fitch Ratings expects both schemes to play a key role in profitability.
Key Metrics:
| Metric | 2024 | 2023 |
|---|---|---|
| Net Insurance Service Result (AED m) | 108 | 123 |
| Combined Ratio (%) | 91 | 86 |
| Gross Written Premiums (AED m) | 3,000 | 2,200 |
| Regulatory Capital Ratio (%) | 157 | 178 |
DIN’s Insurer Financial Strength rating is affirmed at ‘A’ with a stable outlook. The rating reflects strong UAE market presence, robust capitalisation, and solid financial performance.
Drivers of Performance:
Strong UAE franchise: Fourth-largest listed insurer by gross written premiums.
Government scheme leadership: Leading consortium for WPP and ILOE products.
New product launches: Northern Emirates Medical Plan and tourist visa insurance.
Strong capitalisation: Regulatory capital ratio of 157%, improving to 171% by 3Q2025.
Equity exposure: 38% of investment portfolio in equities.
High reinsurance utilisation: Net-to-gross premium ratio of 40%.
Best-estimate reserving philosophy, verified by external actuaries and auditors.
DIN’s strong financial structure and underwriting capabilities reinforce its position as a leading UAE insurer.
