The UAE insurance sector delivered a strong performance in 2025, demonstrating broad-based improvement across both conventional and takaful portfolios, according to an update by BADRI Management Consultancy, based on listed insurers' audited financial statements.
In its report titled “UAE Listed Insurance Industry Performance Analysis – Year 2025”, BADRI notes that the aggregate insurance revenue for the 28 listed companies in the market grew by 17% to AED51.2bn (2024: AED44.0bn), reflecting sustained premium rate increases, disciplined underwriting, and continued demand in Medical and Property & Liability lines.
Top 5 companies
The combined insurance revenue of the top five companies was AED35.1bn, a 17% increase from AED30.0bn in 2024, while that of the remaining insurers collectively grew by 16% to AED6.2bn. The top five insurers in terms of insurance revenue were Orient, ADNIC, National Health Insurance Company – DAMAN, Sukoon and Dubai Insurance.
Insurance service results improved significantly, rising 64% to AED3.1bn (2024: AED1.9bn). The top five insurers contributed AED2.4bn, up by 28% from 2024, while the remaining companies recorded a remarkable turnaround, increasing their combined insurance service results from AED18m to AED713m. The top five were DAMAN, Orient, ADNIC, Sukoon and Dubai Insurance. Notably, DAMAN, with the biggest insurance service results, reported the highest absolute growth of AED258m in 2025.
Overall, five out of 28 companies reported negative insurance service results, highlighting pockets of underwriting pressure.
Profit before tax increased sharply by 52% to AED4.1bn (2024: AED2.7 bn), driven by both top-tier and mid-sized insurers. The top five profit generators saw their profits rise by 32% to AED3.0bn, while the remaining insurers achieved an impressive 158% growth to AED1.0 bn. The top five most profitable insurers were Orient, DAMAN, ADNIC, Sukoon and Dubai Insurance.
Investment income played a complementary role in offsetting underwriting deficits for loss-making insurers, ensuring that five out of six companies with negative insurance results still delivered positive overall profits. Among the top 10 profit generators, four relied primarily on investment income for profitability.
The CBUAE’s ongoing solvency oversight continues to drive capital adequacy, risk-based pricing, and sustainable underwriting practices across the sector.
As at the end of 2025, some companies remain below or near the 100% solvency threshold, requiring continued management attention and potential capital remediation actions.
2026
Looking ahead into 2026, the UAE insurance industry appears well-positioned to build on its strong 2025 performance. Continued focus on technical profitability, disciplined underwriting, regulatory compliance, and prudent capital management will be critical for maintaining resilience, particularly amid potential increases in reinsurance costs and the effects of treaty renewals.
Opportunities exist to further optimise insurance financial strategies, with companies encouraged to prioritise net insurance financial income as a core driver of profitability while balancing underwriting and investment performance.
BADRI said, “Overall, the UAE insurance sector’s financial performance in 2025 confirms that the market has firmly consolidated its recovery, with strong revenue growth, insurance service results surging, profitability rising, and continued concentration around leading insurers. The sector’s long-term sustainability will depend on maintaining disciplined pricing, robust portfolio management, capital adequacy, and proactive remediation of solvency concerns among weaker players, ensuring that profitability remains rooted in core insurance operations.”
BADRI’s analysis of the 2025 financial results of the listed insurers is based on data extracted from the published financial reports of the companies. DAMAN’s data are extracted from its parent Pure Health Holdings’ 2025 financials.