AM Best revises Dubai Insurance Company's outlook upward

AM Best has affirmed Dubai Insurance Company's (DIC) "A-" (Excellent) financial strength and "a-" (Excellent) long-term credit ratings.

The rating reflects the Emirati insurer's strong balance sheet, good operating performance and appropriate enterprise risk management.

In 2021, the company has recorded a 33% increase of its written premiums amounting to 1.226 billion AED (333.74 million USD). The net profit jumped from 55 million AED (15 million USD) in 2020 to 81 million AED (22.05 million USD) a year later. The average combined ratio over the 2017-2021 period stood at 72.6% and the return on equity (ROE) at 11.7%.

The rating agency is upgrading the outlook of both ratings from stable to positive. AM Best expects DIC's underwriting results to evolve further, in particular through the development of new insurance products.