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Top 20 insurance companies in UAE: ranking per insurance revenue (IFRS 17)
Figures in thousands
| Rank 2023 | Companies | 2023 insurance revenue | 2022 insurance revenue | 2022-2023 evolution (1) | 2023 shares | ||
|---|---|---|---|---|---|---|---|
| AED | USD | AED | USD | ||||
| 1 | Orient Insurance | 6 372 115 | 1 734 681 | 4 961 113 | 1 350 613 | 28.44% | 11.98% |
| 2 | Sukoon (Ex Oman Insurance) | 4 644 425 | 1 264 352 | 3 875 120 | 1 054 963 | 19.85% | 8.73% |
| 3 | Abu Dhabi National Insurance | 4 640 858 | 1 263 381 | 4 662 851 | 1 269 414 | -0.47% | 8.72% |
| 4 | Dubai Insurance Co | 2 149 804 | 585 241 | 1 195 301 | 325 409 | 79.85% | 4.04% |
| 5 | Al Ain Al Ahlia Insurance | 1 429 385 | 389 122 | 1 107 331 | 301 460 | 29.08% | 2.69% |
| 6 | Al Buhaira National Insurance | 1 190 642 | 324 129 | 879 881 | 239 539 | 35.32% | 2.24% |
| 7 | Emirates Insurance | 1 133 944 | 308 694 | 1 101 487 | 299 869 | 2.95% | 2.13% |
| 8 | Islamic Arab Insurance (SALAMA) | 1 111 005 | 302 449 | 924 136 | 251 587 | 20.22% | 2.09% |
| 9 | Watania International (Ex. Dar Al Takaful) | 954 363 | 259 806 | 820 181 | 223 286 | 16.36% | 1.80% |
| 10 | Al Sagr National Insurance | 827 695 | 225 323 | 527 973 | 143 735 | 56.77% | 1.56% |
| 11 | National General Insurance | 745 786 | 203 025 | 621 424 | 169 176 | 20.01% | 1.40% |
| 12 | Abu Dhabi National Takaful | 672 454 | 183 062 | 449 798 | 122 453 | 49.50% | 1.27% |
| 13 | Orient Takaful | 639 820 | 174 178 | 466 567 | 127 018 | 37.13% | 1.20% |
| 14 | Union Insurance | 633 537 | 172 468 | 763 286 | 207 797 | -17.00% | 1.19% |
| 15 | United Fidelity Insurance | 566 162 | 154 126 | 395 123 | 107 568 | 43.29% | 1.06% |
| 16 | Ras Al Khaimah National Insurance | 464 373 | 126 416 | 458 528 | 124 830 | 1.27% | 0.87% |
| 17 | Dubai National Insurance & Reinsurance | 448 353 | 122 055 | 350 306 | 95 367 | 27.99% | 0.84% |
| 18 | Al Dhafra Insurance | 320 618 | 87 282 | 319 562 | 86 998 | 0.33% | 0.60% |
| 19 | Alliance Insurance | 305 026 | 83 037 | 290 642 | 79 124 | 4.95% | 0.57% |
| 20 | Al Wathba National Insurance | 284 649 | 77 490 | 303 341 | 82 582 | -6.16% | 0.54% |
| Total top 20 insurance companies | 29 535 014 | 8 040 317 | 24 473 951 | 6 662 788 | 20.68% | 55.52% | |
(1) Growth rate in local currency
To discover | Atlas Insurance Reports – United Arab Emirates 2024
Top 20 insurance companies in UAE: ranking per Gross Written Premiums (IFRS 4)
Figures in thousands
| Rank 2023 | Companies | 2023 insurance revenue | 2022 insurance revenue | 2022-2023 evolution (1) | 2023 shares | ||
|---|---|---|---|---|---|---|---|
| AED | USD | AED | USD | ||||
| 1 | Orient Insurance | 7 426 920 | 2 021 831 | 6 070 736 | 1 652 697 | 22.34% | 13.96% |
| 2 | Abu Dhabi National Insurance | 4 954 804 | 1 348 846 | 5 125 482 | 1 395 361 | -3.33% | 9.31% |
| 3 | Sukoon (Ex Oman Insurance) | 4 755 589 | 1 294 614 | 4 478 619 | 1 219 259 | 6.18% | 8.94% |
| 4 | Dubai Insurance Co | 2 810 318 | 765 053 | 1 469 142 | 399 959 | 91.29% | 5.28% |
| 5 | Al Ain Al Ahlia Insurance | 1 518 966 | 413 508 | 923 415 | 251 390 | 64.49% | 2.86% |
| 6 | Islamic Arab Insurance (SALAMA) | 1 305 964 | 355 523 | 1 202 819 | 327 455 | 8.58% | 2.46% |
| 7 | Al Buhaira National Insurance | 1 223 756 | 333 143 | 942 812 | 256 671 | 29.80% | 2.30% |
| 8 | Emirates Insurance | 1 220 606 | 332 286 | 1 136 344 | 309 358 | 7.42% | 2.29% |
| 9 | Watania International (Ex. Dar Al Takaful) | 954 363 | 259 806 | 807 591 | 219 859 | 18.17% | 1.79% |
| 10 | Al Sagr National Insurance | 917 046 | 249 647 | 636 661 | 173 325 | 44.04% | 1.72% |
| 11 | National General Insurance | 864 985 | 235 475 | 650 234 | 177 020 | 33.03% | 1.63% |
| 12 | Abu Dhabi National Takaful | 735 494 | 200 223 | 447 097 | 121 718 | 64.50% | 1.38% |
| 13 | Union Insurance | 726 758 | 197 845 | 868 317 | 236 391 | -16.30% | 1.37% |
| 14 | Orient Takaful | 702 299 | 191 187 | 531 223 | 144 620 | 32.20% | 1.32% |
| 15 | United Fidelity Insurance | 653 557 | 177 918 | 422 075 | 114 906 | 54.84% | 1.23% |
| 16 | Ras Al Khaimah National Insurance | 471 783 | 128 433 | 432 985 | 117 876 | 8.96% | 0.89% |
| 17 | Dubai National Insurance & Reinsurance | 450 758 | 122 710 | 419 112 | 114 099 | 7.55% | 0.85% |
| 18 | Takaful Emarat | 399 119 | 108 652 | 354 440 | 96 493 | 12.61% | 0.75% |
| 19 | Al Fujairah National Insurance | 355 134 | 96 678 | 261 970 | 71 319 | 35.56% | 0.67% |
| 20 | Alliance Insurance | 332 460 | 90 506 | 362 093 | 98 576 | -8.18% | 0.62% |
| Total top 20 insurance companies | 32 780 679 | 8 923 884 | 27 543 167 | 7 498 352 | 19.02% | 61.62% | |
| Rest of the market (2) | 20 597 164 | 5 607 166 | 19 703 278 | 5 364 020 | 4.54% | 38.59% | |
| Grand total | 53 377 843 | 14 531 050 | 47 246 445 | 12 862 372 | 12.98% | 100% | |
(1) Growth rate in local currency
(2) 40 companies
Exchange rate as at 12/31/2023: 1 AED = 0.27223 USD ; 12/31/2022: 1 AED = 0.27224 USD
Read also | Listed Emirati insurers: H1 2024 results
