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Earnings Report

Insurance House

Q1 26 NEUTRAL LOW Impact

1. Company Overview & Earnings Context

Insurance House P.J.S.C. reported a strong turnaround in Q1 2026, returning to profitability despite ongoing regional geopolitical challenges, supported by growth in core non-life insurance segments and disciplined underwriting.

2. Financial Performance Snapshot

  • Insurance revenue: AED 118.2M (+36% YoY)

  • Insurance service result: AED 4.7M (vs loss of AED 0.9M YoY)

  • Net income from reinsurance contracts held: AED 10.3M

  • Profit before tax: AED 5.2M

  • Net profit: AED 5.1M (vs AED 0.1M YoY)

  • Earnings per share (EPS): AED 0.045 (vs AED 0.001 YoY)

3. Operational Highlights & Key Metrics

  • Gross written premiums: AED 199.9M (+45% YoY)

  • Strong growth across:

    • Motor insurance

    • Medical insurance

  • Reinsurance support:

    • Amount recoverable from reinsurance: AED 71.1M

    • Reinsurance contract assets: AED 205.2M

  • Balance sheet & liquidity:

    • Total assets: AED 372.1M

    • Cash & equivalents: AED 138.9M

    • Total equity: AED 6.7M

  • Capital position:

    • Accumulated losses: AED 132.7M

    • Equity erosion remains above 50%

    • Solvency recovery plan ongoing

4. Key Performance Drivers

  • Strong premium growth in core non-life segments

  • Improved underwriting discipline and selective risk acceptance

  • Higher reinsurance recoveries, supporting profitability

  • Operational efficiency and digital investments, improving service delivery

  • Stable claims experience, despite regional uncertainties

5. Outlook & Forward Guidance

  • Continued focus on:

    • Strengthening underwriting discipline

    • Expanding customer relationships and distribution channels

    • Enhancing digital capabilities

    • Maintaining liquidity and capital stability

  • Management highlighted ongoing:

    • Solvency recovery initiatives

    • Potential capital strengthening measures

    • Operational restructuring aimed at long-term profitability

6. 🧾 Investor Takeaway

Insurance House delivered a strong Q1 2026 turnaround to profitability, supported by higher premium growth, disciplined underwriting, and improved operational execution, although the company continues to work on strengthening its capital position and solvency metrics.