Dubai Insurance Company (DIN) has reached a significant milestone, securing an “A” rating with a stable outlook from Fitch Ratings for the first time in its illustrious five-decade history.
This recognition solidifies DIN’s standing in the insurance landscape and underscores its commitment to excellence.
Endorsement of Strength and Trust:
Abdellatif Abuqurah, DIN’s CEO, expressed pride in this accomplishment, emphasizing how the “A” rating validates the company’s unwavering dedication, innovative spirit, and role in advancing the nation’s progress.
Fitch acknowledges DIN’s robust company profile, citing its substantial gross written premium (GWP) of Dh1.5 billion in 2022.
Positioned as the fourth-largest publicly listed insurer in the UAE by GWP, DIN offers a diverse range of personal and commercial insurance solutions, including significant government contracts like the Workers Protection Program products and the newly introduced Involuntary Loss of Employment (ILOE) scheme.
Alignment with Vision 2030 and Business Strategy:
The CEO highlights DIN’s strategic alignment with Dubai Vision 2030, emphasizing how this achievement signifies the company’s commitment to excellence and innovation while reinforcing its pioneering role in the industry.
Fitch commends DIN’s “Extremely Strong” capitalization and a robust regulatory capital ratio of 180% by the end of 2022.
The absence of financial leverage in its capital structure and a “Very Strong Profitability” further bolster DIN’s financial standing, with an impressive underwriting profit and a commendable combined ratio.
Investment Portfolio and Rating Impact:
DIN’s investment portfolio significantly contributes to its positive rating, showcasing consistently strong returns on equity (RoE) over five years.
Despite a relatively high exposure to equity investments and real estate, the company maintains a highly liquid portfolio, ensuring financial stability and resilience.
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