Dubai Insurance Company (DIN) posted AED108m ($29.4m) net insurance service result in 2024, down from AED123m in 2023. Combined Ratio under IFRS 17 was 91% (2023: 86%).
The company writes substantial volumes under its Workers’ Protection Programme (WPP) and Involuntary Loss of Employment (ILOE) schemes. Fitch Ratings expects these programmes to significantly contribute to profitability.
Key Figures:
| 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 |
| Equity Investment (%) | 38 | 38 |
DIN is the fourth-largest listed insurer in the UAE. Leadership in government schemes provides pool-management fees and ceding commissions. The Northern Emirates Medical Plan and tourist visa insurance launched in January 2025 are expected to boost revenues.
Strong capitalisation, high liquidity, and prudent reserving policies support long-term stability. Equity investments make up 38% of the portfolio, while 53% is in cash/bank deposits and 5% in real estate.
High reinsurance usage and external audits further strengthen financial resilience.