AM Best affirms Abu Dhabi National Takaful at A- as revenue grows 27%

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" of Abu Dhabi National Takaful Company (ADNTC), with a stable outlook, Middle East Insurance Review reported on 4 November 2026. The agency bases the ratings on balance sheet strength it assesses as very strong, strong operating performance, appropriate enterprise risk management and a limited business profile.

According to the report, AM Best expects risk-adjusted capitalisation to stay at the strongest level on its capital adequacy ratio, measured across the participants' and shareholders' funds together. It treats high dependence on reinsurance as an offsetting factor, partly mitigated by a reinsurance panel of sound financial strength.

AM Best calculates a weighted average return on equity of 20.5% for 2023 to 2025. Net/net combined ratios for the family and general takaful portfolios have stayed below 90% over the three and a half years to June 2026. Revenue grew 27% in 2025 to AED962.6m (US$262.1m). The Qard Hasan balance owed to the shareholders' fund fell to AED6.3m at June 2026 from a peak of AED35.9m at the end of 2024.

The agency describes ADNTC's competitive position as niche but defensible. It is the largest domestic takaful operator in the UAE, but it faces strong competition from established insurers, the report said.