The UAE's listed insurance sector started 2026 on a stable footing, with revenue growing by 11% to AED13.4bn ($3.65bn) in 1Q2026 (1Q2025: AED12.1bn), according to international actuarial and risk management consultancy BADRI.
In its "UAE —Listed Insurance Industry Performance Analysis – 1Q 2026" report, BADRI said that this growth was broad-based, with the top five companies generating AED9.1bn in insurance revenue. The top five were Orient, DAMAN, ADNIC, Sukoon and Dubai Insurance. The other 22 insurers collectively chalked up AED4.3bn. The trend reflects continued momentum among mid-sized players.
Improved insurance service results
The company also noted an improvement in insurance service results, which improved by 17% to AED945m in 1Q2026 (1Q2025: AED806m).
Notably, BADRI attributed this growth to a strong turnaround among mid-sized companies, whose combined insurance service results grew from AED178m in 1Q2025 to AED295m in 1Q2026 (+66%).
On the other hand, the top five companies saw a 3% increase to AED649m. This, according to BADRI, may suggest some compression in technical margins at the upper end of the market.
The weighted average insurance service ratio held steady at 7%, consistent with 1Q2025 levels.
Industry net profits on the rise
The industry’s net profit rose 9% to AED1.1bn in 1Q2026, as compared to AED1bn in 1Q2025.
Of this figure, the top five insurers contributed AED806m, representing a 7% growth as compared to the same period in 2025. Other companies delivered stronger relative growth, hitting AED250m, an 18% rise in 1Q2026 as compared to 1Q2025.
Despite this, the weighted average of investment income toppled 17%, largely due to a steep 75% fall among mid-sized companies, from AED153m in 1Q2025 to AED38m in 1Q2026.
According to BADRI, this trend underscores a growing reliance on core underwriting performance as a primary profit driver, which is a positive structural signal for the industry’s long-term sustainability.
The future
Looking ahead, the industry enters 2Q2026 from a position of underlying strength, though increased vigilance is warranted amid rising reinsurance costs attributed to treaty renewal pressures and continued regulatory focus on capital adequacy and market discipline.
Companies with weaker solvency positions must prioritise capital remediation, while the broader market should continue to align premium growth with robust claims management and disciplined underwriting controls, BADRI said.