LONDON–(BUSINESS WIRE)–#insurance—AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (ExcellentLONDON–(BUSINESS WIRE)–#insurance—AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent

AM Best Affirms Credit Ratings of Abu Dhabi National Takaful Company P.S.C.

LONDON–(BUSINESS WIRE)–#insurance—AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Abu Dhabi National Takaful Company P.S.C. (ADNTC) (United Arab Emirates) [UAE]. The outlook of these Credit Ratings (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 policyholder and shareholder fund basis. AM Best expects BCAR scores to remain at the strongest level prospectively, underpinned by sufficient internal capital generation to support the company’s anticipated business growth. A limiting factor in the company’s balance sheet strength includes 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.

ADNTC has a track record of strong operating performance. For 2024, the company reported a consolidated profit after tax of AED 76.5 million (as calculated by AM Best), equivalent to a return on equity of 16.2%. ADNTC’s combined family and general takaful portfolios have achieved a strong underwriting performance over the medium term, evidenced in 2024, and the first nine months of 2025, by net/net combined ratios of 90.0% and 82.6%, respectively (as calculated by AM Best). Despite the overall profitable underwriting result in 2024, the Qard Hasan (an interest free loan from the shareholders’ fund to the policyholders’ fund) increased. This was predominantly driven by losses attributable to the UAE flood event, causing an imbalance of profitability between the policyholders’ and shareholders’ funds for the year.

The company has a niche position in the UAE insurance market as a takaful operator. ADNTC reported growth in revenue of 13% in 2024 to AED 756.9 million (USD 206.1 million), in line with strategic growth targets and planned business diversification. AM Best notes that ADNTC faces strong competition from well-established peers in its target markets, hence its growth strategy faces execution risk.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Emily Thompson

Senior Financial Analyst

+44 20 7397 0291

[email protected]

Ben Diaz-Clegg

Associate Director, Analytics

+44 20 7397 0293

[email protected]

Christopher Sharkey

Associate Director, Public Relations

+1 908 882 2310

[email protected]

Al Slavin

Senior Public Relations Specialist 

+1 908 882 2318

[email protected]

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