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BADRI, a company specializing in actuarial and financial services, has published its half-yearly report “Listed Insurance Industry Performance Analysis – First Half 2024” covering the 26 listed Emirati insurance companies.
According to the report, insurance revenue rose by 22% to 17.4 billion AED (4.74 billion USD) as at 30 June 2024. Insurance service results were up by 1% to 595 million USD (162 million USD) at the same date.
At 1.044 billion AED (284.2 million USD), pre-tax profit improved by 7%, despite the exceptional claims resulting from natural disasters in April 2024. The net profit declined by 1% to 937 million AED (255 million USD).
It is worth noting that the insurance revenue of the top five insurers climbed by 32% to 11.5 billion AED. (3.13 billion USD). Growth in the same indicator for the rest of the companies was limited to 7%, or 5.5 billion AED (1.5 billion USD).
Ranking of listed Emirati insurers by insurance revenue (H1 2024)
In millions
| Company | Insurance Revenue | Evolution | H1 2024 shares | |||
|---|---|---|---|---|---|---|
| H1 2024 | H1 2023 | |||||
| AED | USD | AED | USD | |||
| ORIENT | 3 599 | 980 | 2 976 | 810 | 20.93% | 20.63% |
| ADNIC | 3 294 | 897 | 2 138 | 582 | 54.07% | 18.88% |
| SUKOON INSURANCE | 2 555 | 696 | 2 189 | 596 | 16.72% | 14.65% |
| DUBAI INSURANCE | 1 416 | 385 | 907 | 247 | 56.12% | 8.12% |
| AL BUHAIRA | 684 | 186 | 567 | 154 | 20.63% | 3.92% |
| EMIRATES INSURANCE | 627 | 171 | 564 | 154 | 11.17% | 3.59% |
| SALAMA | 529 | 144 | 544 | 148 | -2.76% | 3.03% |
| AL AIN AHLIA | 500 | 136 | 690 | 188 | -27.54% | 2.87% |
| AL SAGR | 480 | 131 | 370 | 101 | 29.73% | 2.75% |
| NGI | 444 | 121 | 346 | 94 | 28.32% | 2.55% |
| WATANIA / DAR AL TAKAFUL | 389 | 106 | 457 | 124 | -14.88% | 2.23% |
| ORIENT UNB TAKAFUL | 385 | 105 | 289 | 79 | 33.22% | 2.21% |
| AD NATIONAL TAKAFUL | 366 | 100 | 289 | 79 | 26.64% | 2.10% |
| FIDELITY UNITED | 314 | 85 | 259 | 71 | 21.24% | 1.80% |
| UNION | 298 | 81 | 320 | 87 | -6.88% | 1.71% |
| RAK | 244 | 66 | 224 | 61 | 8.93% | 1.40% |
| DUBAI NATIONAL INSURANCE | 211 | 57 | 230 | 63 | -8.26% | 1.21% |
| TAKAFUL EM | 190 | 52 | 103 | 28 | 84.47% | 1.09% |
| AL FUJAIRA | 179 | 49 | 122 | 33 | 46.72% | 1.03% |
| AL DHAFRA | 166 | 45 | 162 | 44 | 2.47% | 0.95% |
| ALLIANCE | 158 | 43 | 149 | 41 | 6.04% | 0.91% |
| AL WATHBA | 158 | 43 | 150 | 41 | 5.33% | 0.91% |
| INSURANCE HOUSE | 134 | 36 | 128 | 35 | 4.69% | 0.77% |
| ASCANA | 55 | 15 | 66 | 18 | -16.67% | 0.32% |
| HAYAH | 43 | 12 | 43 | 12 | 0.00% | 0.25% |
| SHARJAH | 15 | 4 | 10 | 3 | 50.00% | 0.09% |
| TOTAL | 17 443 | 4 749 | 14 292 | 3 890 | 22.05% | 100.00% |
To discover: Atlas Insurance Reports – United Arab Emirates 2024
