Official name
Dubai National Insurance
DFM · DNIR
Dubai National Insurance
- Research depth
- Detailed review in preparation
- Sector lens
- Financial services and insurance
- Reporting context
- Q1 2026 reviewed; FY2025 audited; H1 2026 missing at cut-off
Company overview
- Exchange
- DFM
- Ticker
- DNIR
- ISIN
- AED000101017
- Market identifier code (MIC)
- XDFM
- Stable research ID
- DFM-DNIR
- Industry evidence
- Multi-line conventional insurance and reinsurance
- Instrument type
- Listed equity
- Research status
- Detailed review in preparation
- Latest financial period
- Q1 2026 reviewed; FY2025 audited; H1 2026 missing at cut-off
- Identity evidence checked
- 2026-08-11
- Identity checked
- Identity revalidation is due; this dated record is not proof of current listing status
- Listing lifecycle
- Primary active route confirmedA dated identity record does not prove the current listing state after its verification date.
Issuer participationProfile foundation available
Dubai National Insurance · What the issuer can provide
- business and research review
- current identity confirmation
Why this company is in the directory
Coverage follows a reconciled listed-security identity and dated evidence. Inclusion describes research scope only; it is not a ranking, recommendation or claim of complete financial coverage.
- Identity reconciliation
- Exchange and ticker matched the research registry
- Current public research layer
- Company profile published · detailed review in preparation
- Evidence boundary
- Identity record checked: 2026-08-11
Company evidence map
Open a card to inspect its public evidence. Missing, stale, conflicting or unavailable data is never replaced with an estimate.
Identity-only public coverage; no completed research review is claimed.Stale
Open the Company BriefListed-security identity
Revalidation is due; the dated record is not proof of current listing status.
Checked: 2026-08-11→AvailableIssuer profile
Verified public issuer fields are available.
→AvailableSource documents
3 source documents are linked to public facts.
→MissingCompany activity
No linked activity currently passes every public source-document check.
→AvailableOfficial sources
A rights-reviewed official identity source is linked.
→Public identity dossier
Verified listing identity
The fields below come from the current public company registry and any human-published issuer profile. Empty issuer-contact fields stay visibly missing until source and publication-rights review are complete.
- Official listed name
- Dubai National Insurance Available
- Exchange
- DFM Available
- MIC
- XDFM Available
- Ticker
- DNIR Available
- ISIN
- AED000101017 Available
- Instrument
- Listed equity Available
- Sector
- Financial services and insurance Available
- Industry
- Multi-line conventional insurance and reinsurance Available
- Identity checked
- 2026-08-11 Available
- Official website
- Missing Missing
- Investor relations
- Missing Missing
- Registered address
- Missing Missing
- Public contacts
- Missing Missing
Company activity context
Only exact-security, human-published activity that passes every public source-document check can appear here.
No linked update currently passes every public gate.
Open the full chronologyPublic identity passport
Required identity fields are shown individually with their evidence state. A public link is not reuse permission, and a blank is never converted to a guess.
Ticker
DNIR
Exchange and MIC
DFM · XDFM
ISIN
AED000101017
Instrument type
Listed equity
Sector and industry
Financial services and insurance · Multi-line conventional insurance and reinsurance
Listing status
Primary active route confirmed
Official website
Not available in the public evidence layer
Investor relations
Not available in the public evidence layer
Registered address
Not available in the public evidence layer
Public email
Not available in the public evidence layer
Public phone
Not available in the public evidence layer
Business description
Not available in the public evidence layer
Verified issuer profile
A verified public issuer profile has not been published yet.
Business model
Multi-line UAE insurer. Sells personal motor, medical, travel and home cover and commercial fleet, group medical/life, engineering, accident, liability, marine and property policies. Premiums become insurance revenue over coverage periods; claims, acquisition/operating expenses and reinsurance determine underwriting margin. A large portfolio of quoted securities, debt instruments, deposits and investment property supplies investment and rental income, making profit and equity sensitive to markets and property valuations.
Dubai National Insurance: the owner of the company is also the owner of the claim
The largest single item on the balance sheet belongs to the family that owns the shares
At 31 March 2026 one insured event, a property claim by Al Habtoor Motors, carried an insurance liability of AED227.8m and a matching reinsurance asset of AED226.8m. Total insurance liabilities that day were AED582.387m and total reinsurance assets AED374.065m, so a single loss sits behind a large part of both sides. Holders associated with Al Habtoor own 64.5118% of the company: Al Habtoor Investment LLC 28.2681%, Khalaf Ahmad Mohammad Al Habtoor 26.0273% and Dubai National Investment LLC 10.2165%, with Sultan Ahmad Al Habtoor Investment Group LLC listed separately at 7.0825%. The controlling shareholder and the largest claimant are the same house, and the near-perfect offset between the two entries means minority holders currently carry about a million dirhams of it - provided the reinsurers pay.
Two top lines, and the growth story uses the smaller one
The statutory table for 2025 shows direct gross written premiums of AED574.597m plus assumed premiums of AED112.284m, AED686.881m in total. The IFRS 17 income statement shows insurance revenue of AED560.541m. Management's premium-growth commentary quotes the AED560.541m figure. The two are not interchangeable, and the distance between them is exactly the kind a reader assumes does not exist. For the first quarter of 2026 insurance revenue reached AED166.333m, up 26.5%.
The underwriting margin fits inside the rounding of the investment result
The 2025 insurance service result was AED7.913m on AED560.541m, a margin of 1.4117%, rising to 2.9426% on AED166.333m in the first quarter. Profit after tax was AED53.616m for the year and AED30.161m for the quarter. Of pre-tax profit, 95.07% came from the investment segment in 2025 and 82.57% in the quarter. Financial assets were AED633.996m, investment property AED185.778m and gross cash and bank balances AED362.830m, AED1,182.604m together. That is a broad liquidity and investment pool rather than distributable money. The direction of travel shows up in other comprehensive income: a gain of AED111.454m lifted 2025 total comprehensive income to AED165.070m, while a loss of AED22.900m cut the first quarter to AED7.261m. Return on average equity was 6.1134% and operating cash flow AED101.699m.
Three different combined ratios, none of them published by the company
Derived from the IFRS 17 lines, one minus the service margin gives 98.5883% for 2025 and 97.0574% for the quarter. The rating agency press release on the company's own website quotes a combined ratio of 94.1% for 2023, alongside insurance service revenue of AED448m and a return on equity of 6.7%. The company itself publishes no combined, loss or expense ratio in either filing, so the only conventional ratio a reader can find about this insurer was calculated by somebody else, for a year whose accounts are not in the verified package. AM Best affirmed a financial strength rating of A- (Excellent) and an issuer credit rating of a- (Excellent), outlook stable, describing motor and medical as the core classes.
A capital position asserted at 223% with nothing behind it
Management states solvency coverage of 223% for 2025 against a 100% requirement, but the audited report carries no schedule of own funds and required capital that reproduces it, so the number stands as an assertion rather than a fact of the same grade as the accounts around it. Incorporated in 1991 and among the first insurers to list on the Dubai Financial Market, the company has share capital of AED115,500,000, with UAE-national ownership of 99.38%. Grant Thornton signed an unmodified opinion on 13 March 2026 and reviewed the quarter on 15 May 2026. The 2025 distribution of 15% of capital was approved on 15 April 2026 and paid on 5 May 2026. A board decision of 22 July amended internal policies, and a notice dated 11 August called a meeting for 14 August to consider the half-year figures, which were not yet filed at our cut-off.
What Dubai National does not put on paper
Four of the five years are absent from the verified filings, so no trend in premiums, assets or reserves can be drawn here. There is no reserve-development table, no reinsurer names or ratings behind the AED374.065m recoverable, no line-by-line profitability, no solvency schedule and no half-year statement. This review neither prices the shares nor recommends anything about them.
The old summary table is temporarily withheld because its display did not preserve the exact relationship between metrics, periods and labels. This is a limitation of the website table, not a claim that the issuer did not disclose the data. The review text and sources are preserved. Review documents and sources.
Key reported figures
Physical assets
- investment property of AED185.778m at the FY2025 close
- financial assets of AED633.996m and gross cash and bank balances of AED362.830m
- a single insured event carrying AED227.8m of liability and AED226.8m of reinsurance asset
Group entities
- no subsidiary or associate is disclosed; the filings are for a single company
Geographic footprint
- United Arab Emirates - the whole book, written from Dubai
How to read this insurer without mixing evidence
This layer defines the document questions for this exact listed entity. It publishes no premium, claim, reserve, solvency, valuation or performance value.
Conventional multi-line insurance perimeter
- Separate written, earned and retained premium by the issuer's exact product and period definitions.
- Keep gross claims, reinsurance recoveries and net insurance-service results in distinct evidence tracks.
- Align reserves, investment assets, capital and solvency to one legal entity, date and regulatory basis.
How to read this insurer's finances
Numerical values remain in the separate source-document checkHow the insurance engine works
The insurer prices risk, collects premium, pays claims, buys reinsurance and invests funds held between collection and settlement. Sustainable profit requires both disciplined underwriting and an investment result that is not masking insurance losses.
Six questions behind the headline result
1. What business was written?
Written premium or takaful contributions show contracts originated during a period, not revenue already earned. Read product, geography, gross/net basis and contract duration before calling the movement growth.
2. What reached the income statement?
Insurance revenue under IFRS 17 follows service provided, while cash collection and written premium follow different timelines. Compare periods only after confirming the accounting transition, restatements and exact group perimeter.
3. What did insured events cost?
Connect incurred claims, claims paid, changes in liabilities and prior-year development. A quiet claims period can reverse later; a reserve release is not the same as stronger current underwriting.
4. What risk was transferred?
Read gross business, ceded premium or contributions, recoveries, counterparty exposure and net retained risk together. Reinsurance can reduce volatility but introduces cost, credit risk and renewal dependence.
5. What came from invested assets?
Insurers invest the float and shareholder capital. Separate recurring interest or sukuk income, dividends, fair-value movements, realised gains and currency effects from the insurance-service result.
6. Are reserves and capital adequate?
Insurance liabilities, available capital and regulatory solvency must share the same entity, date and official basis. Accounting equity, group cash and regulatory capital are related but not interchangeable.
Official-source snapshot
What the company does and where to verify it
A manually reviewed, paraphrased snapshot from issuer and official market records. Each field keeps its exact source and verification date.
No public snapshot has passed this separate review yet.
Official website, investor-relations, market-record and public contact fields remain unavailable here until their exact source, current value and reuse boundary are reviewed. Nothing is inferred from aggregators or another company.
Insurance analytical model
The metrics below define the correct analytical lens for this business model. They contain no company values: a value appears only after official-document provenance and editorial verification.
- Gross written premium
- Premium written by line and geography before reinsurance, for the stated reporting period.
- Combined ratio
- Claims and expense ratios on one disclosed accounting and earned-premium basis.
- Loss ratio
- Claims incurred relative to earned premium with gross, net and business-line scope preserved.
- Solvency
- Regulatory available capital relative to the required capital on the stated supervisory basis and date.
- Investment yield
- Investment income relative to the disclosed average portfolio, separated from underwriting performance.
What changed
Full company chronologyVerified company activity
Only exact-security activity that passes the automatic source, locator, date and localization gates is shown. Exceptions remain unpublished. Each date keeps its lifecycle meaning.
No linked activity currently passes every public source-document check.
Sources
Identity evidence
- Identity evidence
- Exchange-hosted evidence
- Identity record checked
- 2026-08-11
- Evidence host
- assets.dfm.ae
Research collections
This company appears in the dated public collections below. Membership describes coverage and evidence context; it is not a ranking or recommendation.
DFM companies
Public profiles with canonical exchange DFM.
- Membership version
- v1
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Full public company reviews
Public profiles with a complete source-linked review currently visible to every reader.
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- v1
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Identity revalidation due
Dated public identity checks earlier than 18 August 2026; this does not assert current listing status.
- Membership version
- v1
- Effective from
Dubaist · Free / Premium
Research products
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