The UAE listed insurance industry maintained its strong momentum through 1H2026, with insurance revenue growing by 14% to AED28.0bn [$7.6bn] (1H2025: AED24.6bn), according to BADRI Management Consultancy, an international actuarial and risk consulting company.
In the “UAE Listed Insurance Industry Performance Analysis – 1H2026 Preliminary Report”, BADRI said that service results improved by 16% to AED1.8bn (1H2025: AED1.6bn), supported by a notable improvement among mid-sized companies.
Insurance revenue
The top five companies reported a 12% increase in insurance revenue, reaching AED18.8bn. They are Orient, DAMAN, Abu Dhabi National Insurance Co (ADNIC), Sukoon and Dubai Insurance Co (DIN), in descending order of revenue size. The remaining 22 listed players—medium- and small-sized players—collectively outperformed their larger counterparts, with revenue growing by 19% to AED9.2bn.
Insurance service results
The top five insurers reported mixed profitability, with insurance service results up by 9% to AED1.37bn. They are DAMAN, Orient, Sukoon, ADNIC and Abu Dhabi National Takaful Co, in descending order of the amount of insurance service results. The other 22 companies delivered a stronger 45% increase in insurance service results to AED47m. The weighted average gross combined ratio stood at 86%, with four out of the 27 companies recording ratios above 100%, indicating that underwriting pressure remains concentrated within a small group of insurers.
Net profit
Net profit for the industry increased by 12% to AED2.2bn (1H2025:AED2.0bn), with the top five insurers contributing AED1.58bn (9% growth). The top five companies are Orient, DAMAN, Sukoon, ADNIC and DIN, in descending order of net profit amount. The other listed companies delivered stronger relative growth of 19% to AED610m.
Investment income
Investment income also increased by 13%, reaching AED1.4bn. The top five companies saw investment income rise by 26%. They are Orient, Sukoon, ADNIC, SALAMA and Al Wathba National Insurance Co. The remaining insurers experienced a 5% decline. This suggests that while investment performance continues to support overall profitability, the improvement in insurance service results provides a stronger underlying foundation for earnings. Nevertheless, the significant differences in profitability across individual insurers highlight the continued importance of disciplined underwriting and effective portfolio management.
Looking ahead
The report said, “Looking ahead to 2H2026, the industry enters the second half of the year from a position of underlying strength, supported by healthy revenue growth, improving technical performance and a favorable overall combined ratio. It is encouraging to note that the companies are currently avoiding the temptation to reduce prices in search of greater market share.”
However, inflation in motor repair costs due to geopolitical developments could be an area of concern for the market. Moreover, continued vigilance will be required around reinsurance costs following treaty renewals, claims management and regulatory expectations around capital adequacy and market discipline.
BADRI said, “Companies with weaker underwriting or capital positions will need to focus on pricing discipline, portfolio optimisation and capital strengthening, while the broader market should continue converting top-line growth into sustainable technical profitability. Overall, 1H2026 reinforces the positive trajectory established in 2025, with growth becoming increasingly broad-based and profitability supported by a healthier balance between underwriting and investment performance.”
To download the complete report, please click on the link below:
https://tinyurl.com/nukdfe64