Dubai – Mubasher: Moody’s Ratings has affirmed Dubai Insurance Company’s ‘A3’ insurance financial strength rating (IFSR).
The rating agency changed the company’s outlook to positive from stable, according to a press release.
DIN's outlook has improved due to its stronger market position and diversified business mix, bolstered by its role in the UAE government's mandatory insurance programmes.
This has led to stable underwriting profits and positions DIN for future growth alongside the UAE's economy.
The A3 IFSR rating reflects DIN's strong market position, having become the fourth-largest insurer in the UAE.
The company maintains strong capital adequacy with a gross underwriting leverage of 2.20x and robust regulatory capital as of year-end 2023. Its profitability is very strong, with a five-year average return on capital of 14.40% and a combined ratio of 77.30%.
DIN's effective administration of the UAE's Workers Protection programme and Involuntary Loss of Employment programme has enhanced its market position and reduced competition risks.
In December 2021, Moody's has assigned the 'A3' IFSR to Dubai Insurance with a stable outlook.
