Al Wathba National Insurance Company PJSC

A general insurer with a substantial investment business

As of: 2026-06-30

Al Wathba National Insurance Company PJSC, traded on ADX as AWNIC, is an Abu Dhabi-based general insurer established in 1978. It underwrites insurance and reinsurance rather than operating as a bank or a takaful fund. Its registered head office is in Abu Dhabi, with branches in Dubai and Al Ain. The financial perimeter used here is the company and its consolidated subsidiaries, not the parent alone.

AWNIC combines underwriting with a substantial investment portfolio. That distinction matters: growth in final profit can reflect property revaluation, investment distributions or market movements without a corresponding improvement in insurance margins. This profile therefore separates the operating insurance result, investment earnings, financing and regulatory capital. Financial information is dated 30 June 2026; ownership information below is explicitly older.

What generates insurance revenue

As of: 2026-06-30

The reporting segments are motor, health, general insurance, the syndicate portfolio and investments. General insurance includes property, fire, engineering, energy, liability and marine cargo and hull risks. These are different risk pools, not interchangeable sources of premium growth.

In H1 2026, motor insurance generated AED 258.265 million of insurance revenue, health AED 93.098 million, general insurance AED 134.192 million and the syndicate portfolio AED 32.181 million. Motor was the largest contributor. However, health recorded an insurance service loss of AED 2.715 million, while general insurance contributed a positive AED 5.646 million. Revenue growth should therefore be read alongside claims, acquisition costs and reinsurance costs. The segment disclosure does not provide a comparable country-by-country revenue split; overseas investments are not a substitute for that missing breakdown.

Group structure and the Lloyd’s route

As of: 2026-06-30

The consolidated subsidiaries, each disclosed as wholly owned, include AWNIC Investment Limited in the Cayman Islands; Al Wathba Real Estate Development LLC and Wathba Integrated Business Solutions Limited in the UAE; Centurion 11D LLC, Centurion 14B LLC and 56th Street Concepts LLC in the United States; and Protected Cell 27 in England and Wales. The UAE real-estate subsidiary was not operational at 30 June 2026. Legal existence should not be confused with an operating contribution.

Protected Cell 27 was created within L2B PCC Ltd in 2025 to fund participation at Lloyd’s through a corporate member. Restricted funds at Lloyd’s reached AED 54.357 million at June-end, compared with AED 49.155 million at December-end. Separately, AWNIC held 40.00% of Iraq’s UR International Insurance and 22.82% of UAE-based Hily Holding PJSC. These are associates accounted for using the equity method, not wholly owned subsidiaries; Hily’s disclosed activity is food import and distribution.

Ownership: use the dated register, not an undated web table

As of: 2025-12-31; management signatories2026-08-12

The governance report’s 31 December 2025 snapshot lists Darwish Bin Ahmed & Sons Co at 30.94%, United Al Saqer Group LLC at 13.22%, Ali Rashed Naser Al Omaira at 9.78%, Rashed Darwish Al-Ketbi at 8.20%, Al Dhabi Investments PJSC at 7.41%, Mohammed Ahmed Saeed Al Qasimi at 6.52% and ABK investments LLC at 5.25%. Names and percentages follow that dated disclosure.

The investor-services website shows a different, undated ownership table. It is not silently combined with the year-end register, and this profile does not certify ownership as of August 2026. The H1 financial statements approved on 12 August identify Sheikh Saif Bin Mohamed Bin Butti Al Hamed as chairman and Shukri Salem Almheiri as chief executive. Concentrated ownership makes related-party dealings and governance disclosure important monitoring topics, without itself proving misconduct.

The annual baseline: 2025 versus 2024

As of: 2025-12-31

Audited consolidated insurance revenue rose to AED 781.141 million in 2025 from AED 376.325 million in 2024. The insurance service result moved from a loss of AED 24.112 million to a profit of AED 24.020 million. After-tax profit was AED 94.279 million versus AED 36.799 million. The higher AED 100.883 million figure is profit before tax, not net profit.

PwC expressed an unmodified opinion on the 2025 consolidated financial statements under IFRS Accounting Standards. The 2024 comparatives reproduced here are those presented in the 2025 report. Note 29 describes changes to comparative presentation, including investment-income components and reinsurance balances. Comparing an old isolated extraction with the newer report without checking those classifications can give a misleading picture even when the final profit total is unchanged.

H1 2026: rising profit, weaker insurance services

As of: 2026-06-30

For January–June 2026, insurance revenue increased to AED 517.736 million from AED 348.686 million a year earlier. After-tax profit reached AED 50.720 million against AED 25.103 million, but the insurance service result fell to AED 5.180 million from AED 12.520 million. Higher sales and higher final profit therefore did not translate into a stronger insurance result.

The quarter-only comparison reinforces that caution: April–June insurance services recorded a loss of AED 3.681 million versus a positive AED 5.184 million, while quarter-only after-tax profit was AED 66.634 million versus AED 41.154 million. These are Q2 amounts, not H1 figures. The interim statements follow IAS 34 and carry PwC’s review conclusion dated 12 August, not an annual audit opinion. Six-month results must not be annualised into a forecast.

Investment income and cash conversion

As of: 2026-06-30

Net investment income reached AED 70.065 million in H1 2026, compared with AED 23.971 million. It included AED 24.785 million from investment-property fair-value changes. The investment note separately reports dividend income of AED 42.869 million and a fair-value loss of AED 3.751 million on financial assets through profit or loss. These components are not all cash earnings and are not all recurring underwriting income.

Operating cash flow was positive at AED 17.913 million but below the previous H1’s AED 30.149 million. Cash generated from operations should not be equated to net profit: investment dividends are classified in investing cash flows, while claims settlement and insurance balances affect operating cash. The editorial conclusion is narrower than a solvency verdict: the profit improvement relies materially on investments, and its persistence needs to be assessed separately from the volume of policies sold.

Assets, borrowing and liquidity

As of: 2026-06-30

At 30 June 2026, total assets were AED 2,058.977 million and equity AED 1,243.284 million. Cash and cash equivalents were AED 39.191 million, down from AED 74.391 million at year-end, while borrowings declined to AED 104.813 million from AED 127.962 million. Insurance contract liabilities of AED 666.210 million represent insurance obligations, not bank debt. Restricted Lloyd’s funds are not freely available operating cash.

The first bank facility supports investment activities, bears three-month EIBOR plus a margin and is repayable in quarterly instalments through October 2028. The second is a revolving facility with a single repayment at the end of each one-year term. Both are secured on investment properties, and the report states covenant compliance for H1. The combination of property collateral, floating rates and a renewable short-term facility deserves attention even though total borrowing fell.

Regulatory capital is not IFRS equity

As of: 2026-06-30

The unaudited regulatory disclosure reports basic own funds of AED 659.575 million, a solvency capital requirement of AED 468.694 million and an SCR surplus of AED 190.881 million at June-end. The comparable year-end surplus was AED 285.919 million. A positive disclosed surplus therefore coexisted with a reduced buffer.

The report explicitly says these solvency figures follow CBUAE regulatory reporting requirements rather than IFRS Accounting Standards. They must not be substituted for accounting equity or described as a bank CET1 ratio. The change in surplus is a useful monitoring signal, not evidence on its own of a breach, nor a guarantee that future claims or market shocks can be absorbed without pressure.

Diversification and property exposure

As of: 2026-06-30

Management’s stated direction combines underwriting discipline, digital transformation and revenue diversification. Lloyd’s participation is no longer merely a proposal: the H1 segment table includes the syndicate portfolio, and the funds-at-Lloyd’s note says reinsurance issuance through Protected Cell 27 began from 1 January 2026. Its scale and risk profile should nevertheless be assessed from subsequent performance, not from the existence of the structure.

Investment property under development in Barsha Heights, Dubai was carried at AED 437.900 million at June-end. The project includes land and a building under construction, with H1 construction additions and external valuation contributing to the period-end carrying amount. It is not presented here as a completed, stabilised rental asset. Construction timing, valuation assumptions and investment concentration remain relevant alongside insurance pricing and claims discipline; no unverified completion date or future rental forecast is supplied.

What to monitor, and what the dividend does not promise

As of: 2026-06-30

The main business risks are claims frequency and severity, adequacy of reserves, reinsurance recoverability, investment-market movements, property valuations and refinancing. The 2025 audit identified valuation of incurred-claims liabilities as a key audit matter. H1 also included an AED 6.000 million impairment of equity-accounted investments. Growth is more informative when accompanied by stable insurance service profitability and a resilient regulatory buffer.

The FY2025 cash dividend was AED 0.25 per share, AED 51.750 million in total, approved at the 20 April 2026 AGM and paid in May. It is a completed distribution for a past year, not guidance or a promised yield. Future updates should focus on underwriting profitability by segment, the investment-versus-insurance earnings mix, capital headroom and cash demands. This is a business profile, not a recommendation or a valuation of AWNIC shares.

Official contacts and reading the figures

As of: 2026-08-31; financials2026-06-30; ownership2025-12-31

The official website is awnic.com and the investor-relations page provides report links. The published head-office contact is Al Wathba Tower, Mohammed Bin Butti Al Hamed Street, P.O. Box 45154, Abu Dhabi, UAE; telephone 600 54 40 40, fax +971 2 6776628, email customercare@awnic.com. These are public business contacts checked on 31 August 2026, not a claim that a direct IR representative has been contacted.

The table uses AED million, converted only by dividing the reported AED-thousand amounts by 1,000. Each row names its own period: annual and H1 flows, balance-sheet dates and regulatory capital must not share a misleading common date. The latest interim report located on the issuer’s IR page for this profile covers June 2026. Ownership percentages retain their December 2025 date; the differing undated web table and the absence of a verified newer ownership register remain explicit limitations.

Sources

1. S1 · AWNIC: H1 2026 interim statements · 2026-06-30
2. S2 · AWNIC: annual financial statements 2025 · 2025-12-31
3. S3 · AWNIC: governance report 2025 · 2025-12-31
4. S4 · AWNIC: undated investor-services ownership table · Undated; observed 2026-08-31
5. S5 · AWNIC: official contacts · 2026-08-31
6. S6 · AWNIC: investor relations · 2026-08-31