Dubai Insurance Company (DIN) reported a net insurance service result of AED 108 million ($29.4 million) for the fiscal year 2024, reflecting a slight decline from AED 123 million in 2023. The company’s combined ratio rose to 91% from 86% the previous year, indicating a moderate increase in claims and expenses relative to premiums earned.
Despite this dip in underwriting profit, DIN’s overall performance remains robust, supported by a well-diversified investment portfolio. Return on equity continues to be strong, reflecting disciplined capital management and prudent allocation across asset classes. DIN’s flagship schemes, including the Workmen’s Protection Plan (WPP) and the Individual Life and Occupational Employee (ILOE) insurance programmes, continue to generate substantial insurance volumes. Fitch Ratings has highlighted these initiatives as key contributors likely to enhance profitability in the coming years.
Financial and Operational Highlights:
| Metric | 2024 | 2023 | Change |
|---|---|---|---|
| Net Insurance Service Result (AED m) | 108 | 123 | -12% |
| Combined Ratio (%) | 91 | 86 | +5 pts |
| Gross Written Premiums (AED m) | 3,000 | 2,200 | +36% |
| Regulatory Capital Ratio (%) | 157 | 178 | -21 pts |
| Equity Exposure (%) | 38 | 38 | 0 |
DIN ranks as the fourth-largest listed insurer in the United Arab Emirates by gross written premiums. The company benefits from its leadership in government-sponsored insurance schemes, which generate additional pool management fees and reinforce its market positioning. Looking ahead, the launch of the Northern Emirates Medical Plan and a dedicated tourist visa insurance product are expected to further boost revenues and profitability.
The company’s capitalisation remains exceptionally strong, with zero financial leverage. Its investment portfolio is conservatively structured, with 38% allocated to equities, 53% in cash and bank deposits, and 5% in real estate. High utilisation of reinsurance arrangements, coupled with best-estimate reserving practices verified by independent actuaries, underpins DIN’s financial stability and resilience.
Overall, while underwriting results experienced modest pressure, DIN’s combination of strategic government programmes, solid capital base, and investment performance ensures that the insurer maintains a competitive and sustainable position in the UAE market.