Dubai Insurance Company (DIN), the fourth-largest listed insurer in the United Arab Emirates, reported a net insurance service result of AED108 million ($29.4 million) for the year 2024, representing a decline from AED123 million in 2023. The company attributed the drop to higher claims experience under its extensive social protection programmes, alongside continued investments in growth initiatives.
Under IFRS 17 reporting standards, DIN’s combined ratio rose to 91 per cent in 2024, compared with 86 per cent in the previous year, reflecting increased claims payments across its portfolio. The company continues to maintain a strong regulatory capital position, with a ratio of 157 per cent, down from 178 per cent in 2023, underscoring its ability to meet policyholder obligations even amid a challenging claims environment.
DIN is a leading provider of government-backed insurance schemes, including the Workers’ Protection Programme (WPP) and the Involuntary Loss of Employment (ILOE) scheme. Fitch Ratings has highlighted these initiatives as key contributors to the company’s long-term profitability, particularly through pool-management fees and ceding commissions.
The company also launched two new products in January 2025—the Northern Emirates Medical Plan and tourist visa insurance—which are expected to expand its revenue streams and enhance market presence. These initiatives complement DIN’s existing portfolio, which includes a balanced mix of equity, cash deposits, and real estate investments.
Key financial metrics for 2024 compared with 2023 are summarised below:
| 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 maintains high liquidity and prudent reserving policies, with 38 per cent of its investment portfolio in equities, 53 per cent in cash and bank deposits, and 5 per cent in real estate. The company also employs extensive reinsurance arrangements and subjects its financials to regular external audits, reinforcing overall financial resilience.
Looking ahead, DIN aims to leverage its leadership in government schemes and new insurance products to offset the modest decline in profitability, while preserving its robust capitalisation and ensuring long-term stability in the UAE insurance market.