Abu Dhabi National Takaful Company (ADNTC) has a track record of strong operating performance, evidenced by a consolidated three-year (2023-2025) weighted average return on equity of 20.5% (as calculated by AM Best), notes AM Best.
ADNTC’s combined family and general takaful portfolios have together achieved strong underwriting performance, with net/net combined ratios consistently below 90.0% over the previous three and a half years to June 2026.
ADNTC reported growth in revenue of 27% in 2025, to AED962.6m ($262.1m), in line with strategic growth targets and planned business diversification.
The balance of earnings between the policyholders’ fund (PHF) and shareholders’ funds (SHF) improved in 2025 and the first six months of 2026, resulting in the repayment of a significant portion of accumulated Qard Hasan to the SHF. As of June 2026, the Qard Hasan stood at AED6.3m ($1.7m), down from a peak of AED35.9m at year-end 2024.
Ratings affirmed
AM Best has affirmed ADNTC’s Financial Strength Rating of ‘A-’ (Excellent) and Long-Term Issuer Credit Rating of ‘a-’ (Excellent). The outlook of these credit ratings is stable.
The ratings reflect ADNTC’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.
ADNTC’s balance sheet strength is underpinned by its risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), on a combined PHF and SHF basis. AM Best expects BCAR scores to remain at the strongest level, underpinned by sufficient internal capital generation to support the company’s anticipated business growth. A limiting factor in the company's balance sheet strength is ADNTC’s high dependence on reinsurance, although the associated credit risk is partially mitigated through the use of a reinsurance panel of sound financial strength.
The company has a niche but defensible position in the UAE insurance market as the largest domestic takaful operator. AM Best notes that ADNTC faces strong competition from well-established peers in its target markets.