Emirates Insurance Co

1. Company Overview & Earnings Context

Emirates Insurance Company P.J.S.C. is an Abu Dhabi-based insurance company whose principal activity is writing general insurance and reinsurance business across all classes. The company operates through its head office in Abu Dhabi and branches in Dubai and Al Ain.

Emirates Insurance delivered a solid H1 2026 performance, with Gross Written Premium crossing AED 1 billion, insurance revenue increasing 13%, and net profit rising 9% YoY to AED 75.1 million.

2. Financial Performance Snapshot

• Gross Written Premium: AED 1.00 Billion (+12.6% YoY)

• Insurance Revenue: AED 844.0 Million (+12.9% YoY)

• Insurance Service Result: AED 56.5 Million (+27.6% YoY)

• Total Insurance Income: AED 55.8 Million (+29.2% YoY)

• Investment Income: AED 53.6 Million (-2.3% YoY)

• Profit Before Tax: AED 80.4 Million (+9.6% YoY)

• Net Profit: AED 75.1 Million (+8.6% YoY)

• EPS: 50 fils, vs. 46 fils in H1 2025

Overall, the company recorded double-digit premium and insurance revenue growth, while its insurance service result grew considerably faster than revenue.

3. Insurance & Operational Performance

Gross Written Premium increased to AED 1.00 billion from AED 888.4 million, while insurance revenue reached AED 844.0 million from AED 747.7 million.

Growth in the domestic portfolio was primarily driven by the Motor business, which continued to benefit from the improved pricing environment following the severe weather events experienced in 2024. The company also recorded growth in its international property portfolio.

Despite losses across the property, engineering and motor businesses following heavy rainfall in late March, management said the claims had only a limited impact on overall underwriting performance due to its underwriting discipline and reinsurance programme.

4. Key Performance Drivers

One of the strongest indicators was the 28% increase in the insurance service result to AED 56.5 million, despite the impact of weather-related claims. Total insurance income consequently increased 29% to AED 55.8 million.

The company's reinsurance programme also played an important role. Amounts recoverable from reinsurers increased substantially to AED 263.9 million, compared with AED 72.3 million in H1 2025.

Investment income was relatively stable at AED 53.6 million, compared with AED 54.8 million a year earlier. Management attributed the small decline primarily to the 2025 share buyback, which reduced the amount of capital available for investment.

5. Investment Portfolio, Cash Flow & Financial Position

Emirates Insurance's investment portfolio ended H1 2026 with a market value of AED 1.961 billion, generating AED 53.6 million of investment income and a return of approximately 2.7%. Management said the portfolio was managed cautiously, with more cash and lower-risk assets held to protect capital and maintain income.

The company generated AED 57.7 million in operating cash flow, broadly stable compared with AED 59.5 million in H1 2025. It also paid AED 90 million in dividends during the period.

At the end of June:

• Total Assets: AED 2.94 Billion

• Total Equity: AED 1.37 Billion

• Total Liabilities: AED 1.57 Billion

• Cash & Bank Balances: AED 152.0 Million

• Reinsurance Contract Assets: AED 904.5 Million

6. Investor Takeaway

Emirates Insurance delivered a positive H1 2026 performance, with growth across premiums, insurance revenue, underwriting results and net profit. Gross Written Premium surpassed AED 1 billion, while the insurance service result increased nearly 28% and net profit rose 8.6%.

The results were particularly notable given the heavy rainfall experienced in March. The company's underwriting discipline and reinsurance programme helped limit the overall earnings impact of related claims.

The company's solvency margin increased to AED 555.4 million from AED 404.5 million at the end of 2025, while management said it had not identified any material direct impact from the ongoing regional geopolitical situation on its insurance liabilities, reinsurance assets, investment portfolio or ability to continue as a going concern.

Key areas to monitor in H2 2026 are premium growth, underwriting profitability, claims trends, investment returns and continued strength in the company's solvency position.