AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Dubai Insurance Company (PSC) (DIN) (United Arab Emirates). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect DIN’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

DIN’s balance sheet strength is underpinned by its risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), which has been supported by strong organic capital generation in recent years. The assessment factors in the company’s sufficient liquidity and history of prudent reserving. An offsetting factor in the balance sheet strength assessment is DIN’s high reinsurance dependence. The associated counterparty credit risk is mitigated partially by the use of a panel of financially sound reinsurance partners. The assessment also considers the material share of equity holdings in DIN’s investment portfolio, and its exposure to fair value fluctuations, with risks heightened by the ongoing conflict in the Middle East.

DIN has a track record of strong operating performance supported by robust underwriting results and steady investment income. The company reported a combined ratio of 90.7% (as calculated by AM Best) in 2025. The results showed an improvement in comparison with the prior year, primarily driven by the motor line of business on account of strengthening underlying rates. The earnings of the Workers Protection Plan (WPP) and the Involuntary Loss of Employment (ILOE) products continued to drive the company’s technical results, due to low loss experience and significant inward reinsurance commissions. The performance of the medical line of business remained under pressure in 2025.

In recent years, DIN has enhanced its market position in a highly competitive market without compromising technical profitability. The successful rollout of the consortium managed products, which include the WPP and ILOE, has diversified DIN’s business mix, which historically was concentrated primarily in motor and medical segments, and has consequently assisted DIN in materially growing its top line. The company may face challenges in its business environment due to the ongoing Middle East conflict. While its direct exposure to war-related and political violence risks is limited, the company will get clarity on any second-order effects as developments unfold.

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