Official name
Alliance Insurance PJSC
DFM · ALLIANCE
Alliance Insurance PJSC
- Research depth
- Detailed review in preparation
- Sector lens
- Financial services and insurance
- Reporting context
- FY2025 audited IFRS; Q1 2026 reviewed IAS 34
Company overview
- Exchange
- DFM
- Ticker
- ALLIANCE
- ISIN
- AEA002201019
- Market identifier code (MIC)
- XDFM
- Stable research ID
- DFM-ALLIANCE
- Industry evidence
- UAE multiline general, medical and life insurance
- Instrument type
- Listed equity
- Research status
- Detailed review in preparation
- Latest financial period
- FY2025 audited IFRS; Q1 2026 reviewed IAS 34
- 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
Alliance Insurance PJSC · 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
- Official exchange route verified before public inclusion
- 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
- Alliance Insurance PJSC Available
- Exchange
- DFM Available
- MIC
- XDFM Available
- Ticker
- ALLIANCE Available
- ISIN
- AEA002201019 Available
- Instrument
- Listed equity Available
- Sector
- Financial services and insurance Available
- Industry
- UAE multiline general, medical and life insurance 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
ALLIANCE
Exchange and MIC
DFM · XDFM
ISIN
AEA002201019
Instrument type
Listed equity
Sector and industry
Financial services and insurance · UAE multiline general, medical and life insurance
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
Alliance accepts property, motor, aviation, marine, engineering, liability, medical, personal-accident and life risks in exchange for premiums, pays eligible claims and transfers part of large/volatile exposures to reinsurers. It also invests policyholder/shareholder funds in fixed-income securities, deposits, equities and two Dubai commercial buildings. Economics depend on pricing, claims and reserve adequacy, reinsurance cost/recoverability, medical inflation, catastrophe losses, investment yields and regulatory capital.
Alliance Insurance: one million shares, twenty-one investors, profit from two buildings
One million shares, twenty-one investors and a price that never moved
Alliance Insurance has exactly one million shares in issue against paid-up capital of AED100m, so the par value of one share is AED100 rather than the single dirham usual on this market. The FY2025 report discloses 21 investors in total and a reference price of AED390 that did not change during the year. Seven holders at or above 5% own 79.645%; the largest are Solidarity Bahrain at 28.985% and Gulf Insurance Group at 20%. The FY2025 dividend was AED30m, AED30 per share: approved at the 9 April 2026 meeting, entitlement 16 April, ex-date 17 April, record 20 April, payment 1 May. The company carries registration number 18/1984, operates from Dubai and is unrelated to Allianz SE.
Reinsurance absorbs the whole general result
In FY2025 the general segment produced AED224.739m of revenue and AED162.491m before reinsurance, yet net expense on contracts held reached AED170.646m, leaving negative AED8.155m. Life and medical brought AED106.102m of revenue, negative AED4.150m before reinsurance and negative AED5.151m on ceded business, closing at negative AED9.300m. The combined insurance service result was negative AED17.455m after negative AED32.290m in FY2024 and negative AED5.503m in FY2023. The derived service margin was negative 5.28% for FY2025 and positive 0.83% in Q1 2026, when the result turned positive at AED0.752m on AED90.395m of revenue. FY2025 gross written premium on the Central Bank return was AED380.699m: life AED83.356m, fund accumulation and medical AED62.566m, property and liability AED234.777m.
Bonds, deposits and two Dubai buildings carry the bottom line
FY2025 investment and property income of AED69.761m equalled 171.9% of pre-tax profit of AED40.575m; in Q1 2026 it was AED13.794m, or 181.0% of AED7.620m. The portfolio holds amortised-cost bonds of AED320.713m, 69.7% inside the UAE and 30.3% outside, FVOCI UAE equities of AED12.777m and fixed deposits of AED421.313m. Two commercial buildings in Dubai are carried at AED257.620m under Level 3 and delivered a AED14.838m revaluation gain. Insurance contract liabilities of AED706.032m split into AED431.843m for life and medical and AED274.189m for general and motor; net reinsurance contract assets were AED207.171m, of which AED193.877m sat in general and motor.
Profit every year, negative cash flow every year
Operating cash flow was negative in every version on record: negative AED61.834m, AED4.916m, AED43.437m, AED60.380m and AED19.335m from FY2021 to FY2025, then negative AED11.715m in Q1 2026, when cash fell from AED37.814m to AED24.287m while deposits rose to AED443.912m. Profit after tax stayed positive throughout: AED41.121m, AED62.970m, AED51.060m, AED27.180m and AED36.958m. IFRS 17 insurance revenue was AED290.642m in restated FY2022, AED305.026m in restated FY2023, AED327.533m in FY2024 and AED330.841m in FY2025. The latest annual comparison is therefore from AED327.533m to AED330.841m, up 1.0%, while assets slipped from AED1,321.997m to AED1,299.541m, down 1.7%, and equity climbed from AED538.617m to AED573.661m.
Two issuer reports state two different 2023 profits
The FY2023 report shows profit after tax of AED53.895m, while the FY2024 report presents the same period as AED51.060m; the AED2.835m difference is unexplained and both values are retained. The original FY2022 under IFRS 4 gave AED38.420m of profit and AED546.864m of equity, against AED62.970m and AED535.775m after restatement. Capital adequacy is disclosed at two dates: at 30 September 2025 own funds of AED460.811m against a requirement of AED177.991m, or 258.90%; at 31 December, AED439.223m against AED189.465m, or 231.81%. The 31 March 2026 calculation was not finalised.
What this file cannot measure
There are no consistently defined loss ratios or combined ratios by line. Claims-development tables are published, but they lack a release-and-strengthening bridge by product, and sensitivity is given only within plus or minus 0.5% of the discount rate, worth roughly AED0.1m. Reinsurers are not named, and their ratings, collateral and collection ageing are absent, as is broker and client concentration. The largest holder is Solidarity Bahrain, and the same Solidarity name appears in Al Salam Bank's accounts as that group's takaful segment; neither issuer explains the link between those disclosures. This review carries no valuation, no entry level and no weighting.
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
- two Dubai commercial buildings, fair value 257.620m, Level 3 of the valuation hierarchy
- amortised-cost bonds 320.713m, fixed deposits 421.313m, cash 37.814m
- 1,000,000 shares in issue against paid-up capital of AED100m
Group entities
- Solidarity Bahrain B.S.C. — 28.985%
- Gulf Insurance Group — 20%
- seven holders at or above 5% — 79.645% combined, 21 investors in total
Geographic footprint
- United Arab Emirates — all underwriting, registration number 18/1984
- bond portfolio: 69.7% inside the UAE, 30.3% outside
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
- www.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.
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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
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- Effective from
Dubaist · Free / Premium
Research products
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