Official name
Watania International Holding
DFM · WATANIA
Watania International Holding
- Research depth
- Detailed review in preparation
- Sector lens
- Financial services and insurance
- Reporting context
- Q1 2026 reviewed; FY2025 audited; H1 2026 board-approved not yet published
Company overview
- Exchange
- DFM
- Ticker
- WATANIA
- ISIN
- AET000301019
- Market identifier code (MIC)
- XDFM
- Stable research ID
- DFM-WATANIA
- Industry evidence
- Takaful holding: general, motor, medical, group and individual family insurance
- Instrument type
- Listed equity
- Research status
- Detailed review in preparation
- Latest financial period
- Q1 2026 reviewed; FY2025 audited; H1 2026 board-approved not yet published
- 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
Watania International Holding · 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
- Watania International Holding Available
- Exchange
- DFM Available
- MIC
- XDFM Available
- Ticker
- WATANIA Available
- ISIN
- AET000301019 Available
- Instrument
- Listed equity Available
- Sector
- Financial services and insurance Available
- Industry
- Takaful holding: general, motor, medical, group and individual family 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
WATANIA
Exchange and MIC
DFM · XDFM
ISIN
AET000301019
Instrument type
Listed equity
Sector and industry
Financial services and insurance · Takaful holding: general, motor, medical, group and individual family 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
Watania International Holding is a listed equity on DFM under ticker WATANIA. Public classification: Financial services and insurance. Use this card to verify the issuer through its official profile, disclosures and sector metrics; it does not attribute unverified products, assets or projects to the company.
Watania: a takaful holding whose 2024 accounts were rewritten a year after publication
The 2024 accounts were rewritten a year after they were signed
Watania's figures for 2024 no longer exist in the form first published. The 2025 audit restated them: profit fell from AED13.280m to AED9.771m, earnings per share from AED0.052 to AED0.038 and equity from AED236.204m to AED229.257m. Intangibles dropped AED35.225m to AED41.411m and takaful liabilities rose AED20.140m to AED915.716m. Three causes are given: old intangibles and consolidation entries left behind at the move to the new insurance standard, AED1.199m of board remuneration charged to equity instead of expense, and intragroup balances never eliminated. Anyone comparing 2025 against a printed 2024 report is using numbers the auditor withdrew.
A listed company that holds two licences and owns none
The parent surrendered its own takaful licence in 2023 and became a holding company. Underwriting sits entirely in two wholly owned licences: Watania Takaful General, writing motor, property, engineering, marine, casualty and warranty cover, and Watania Takaful Family, writing medical, group life, individual life, savings and protection. That is the structural difference from a conventional insurer: participant funds, shareholder returns and the holding result are three separate pools, and the parent underwrites nothing itself. The customer-facing brand on the group website is still Noor Takaful, reached on 800WATANIA. The ticker's history is a chain of mergers: FY2021 is Dar Al Takaful after the Noor purchase, and National Takaful merged in July 2022.
Equity grew while the balance sheet shrank
FY2021 gross contributions were AED706.1m on assets of AED1,583.0m and equity of AED152.2m, roughly 46% medical, 30% general and 24% family. FY2022 brought AED807.6m of contributions but a AED55.0m loss and assets of AED1,903.7m. In FY2023 the two subsidiaries reported takaful revenue of AED953.4m between them - Family AED607.6m and General AED346.8m. Restated FY2024 revenue was AED869.585m; FY2025 reached AED918.423m, up 5.62%, with a service result of AED25.895m against a AED7.828m loss, profit of AED34.360m and operating cash flow of AED55.956m against negative AED52.637m. Equity climbed 72.15% over five years to AED262.016m, yet assets at 30 June 2026 were AED1,475.038m, 6.82% below the FY2021 level.
Medical is the largest line and the smallest line loses money
First-half revenue of AED450.608m divided into medical AED239.475m, general and motor AED134.997m, group life AED70.721m and individual life AED5.415m. After retakaful, general takaful earned AED9.394m against a AED3.820m loss a year earlier, group family AED3.205m against AED4.037m, and individual family lost AED0.790m - margins of 2.51%, 4.53% and negative 14.59%. Retakaful absorbed AED51.085m of the AED62.894m earned before cession, a drag of 81.22%. Takaful contract liabilities rose from AED888.824m to AED996.647m - general AED338.343m, medical AED219.653m, family AED438.651m - and net retakaful assets from AED167.387m to AED199.784m. The issuer reports gross written contributions of AED592.6m and a combined ratio of 98.5% against 101.9%, with no supporting calculation.
Pledged deposits, Level 3 property and no dividend
Half-year investment income of AED33.346m was 2.82 times pre-tax profit of AED11.821m, and the net takaful result stayed negative at AED6.161m after a AED17.970m finance loss. Fair-value holdings through profit or loss came to AED624.191m; AED371.945m of that is unquoted and sits outside the Emirates, 59.59% of the book and 25.22% of all assets. Investment property of AED76.717m is entirely Level 3 and unchanged at the interim date. Murabaha borrowing fell from AED100.000m to AED66.670m after AED33.330m of net repayment, priced at three-month EIBOR plus 1.75% over four years with a one-year moratorium and secured on up to AED100.400m of wakala deposits, the shares of both subsidiaries and a dividend account. Covenants require capital of at least AED200m. The general assembly of 24 April 2026 approved no FY2025 distribution, expressly to protect subsidiary solvency.
What is still missing at Watania
The reviewed pack gives no own funds, required capital or guarantee fund figure for either licensed subsidiary, so covenant compliance stands in for a solvency ratio. There is no reserve development by line, no retakaful counterparty list, no parent-only cash, and the 98.5% combined ratio cannot be rebuilt from published lines. This page carries no valuation and no trading view.
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
- fair-value investments of AED624.191m, of which AED371.945m is unquoted and held outside the Emirates
- investment property of AED76.717m, entirely Level 3 and unchanged at the interim date
- up to AED100.400m of wakala deposits pledged, alongside the shares of both operating subsidiaries
- accumulated losses of AED23.405m recorded at 31 March 2026
Group entities
- Watania Takaful General PJSC - wholly owned, motor, property, engineering, marine, casualty, travel and warranty
- Watania Takaful Family PJSC - wholly owned, medical, group life, individual life, savings and protection
- Magna Investment 25.0485%, MB UAE Investment 21.5946%, Dr Ali Saeed Sultan Bin Harmal Aldhaheri 12.0279%, Mohammed Qusai Mohammed Al Ghussein 5.7276%
Geographic footprint
- United Arab Emirates - both licences and the entire operating footprint
- Outside the Emirates - only as unquoted investment exposure, AED371.945m
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.
Insurance holding and subsidiary perimeter
- Identify which licensed insurer or takaful operator produces each operating measure.
- Keep holding-company investments, subsidiary underwriting and fund balances separate.
- Reconcile acquisitions, disposals and consolidation changes before any period comparison.
How to read this insurer's finances
Numerical values remain in the separate source-document checkHow the insurance engine works
The listed holding may own several licensed insurers or takaful operators. Trace each operating measure to the exact subsidiary, then separate underwriting, fund balances, holding investments and consolidation effects.
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.
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Identity revalidation due
Dated public identity checks earlier than 18 August 2026; this does not assert current listing status.
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- Effective from
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Research products
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