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AM Best upgrades credit ratings of Dubai National Insurance & Reinsurance

AM Best has upgraded DNI’s Financial Strength Rating to A- (Excellent); DNI’S Long-Term Issuer Credit Rating has also been upgraded to “a-” (Excellent) from “bbb+” (Good)

Financial Strength Rating of Dubai National Insurance (DNI), one of the leading Insurance Companies in UAE, has been upgraded to A- (Excellent) from B++ (Good) by AM Best. DNI’s Long-Term Issuer Credit Rating has also been upgraded to “a-” (Excellent) from “bbb+” (Good). AM Best is a global and world largest credit rating agency specialising in the insurance industry.

Abdulla Al Nuaimi, chief executive officer of Dubai National Insurance (DNI), said: “It is an honour to receive one of the highest ratings from such a prestigious organisation. The rating upgrade reflects AM Best’s assessment of our balance sheet strength and recognition of our strong operating performance, business profile and enterprise risk management. This is truly an important milestone in our transformation journey and the history of DNI. We look forward to providing the market and the region with the best solutions and seamless customer service by continuously evolving our processes for the future.”

The rating upgrade serves as a testament to the improvement within the company’s risk-adjusted capitalisation, as AM Best confirmed that DNI has maintained a consistent track record of strong operating performance, demonstrated by a five-year weighted average return on equity of 9.1 per cent. The upgraded financial strength rating underlines DNI’s commitment to ensuring diversification of investment and expansion of distribution channels through proactive multi-lateral partnerships with well-established companies and third-party administrators. In addition, DNI has maintained a robust focus on enterprise risk management.

The success in this aspect stems from the support and continuous directions of the Chairman of Dubai National Insurance & Reinsurance – H.E. Khalaf Al Habtoor and the members of the Board of Directors, as well as from the dedicated work of the qualified and experienced executive management leading the company following a change in early 2021. In addition to this recent rating upgrade, Mr. Abdulla Al Nuaimi being conferred with ‘Insurance Professional of the Year’ Award at the MENA Insurance Review (IR) Awards 2022. The award was in recognition of his strong commitment and expertise in the field of insurance and financial services as an expert in end-to-end transformation management, spearheading people-focused processes and promoting collaboration to ensure efficiency.

DNI has devised a clear-cut business strategy for the next three years aligned to the market conditions and expectations with focus on digitalization, process automation and providing omni channel experience. DNI’s state-of-the-art Contact Centre, Complaint Management System (CMS) and online portals for brokers and clients are samples of initiatives rolled out successfully as part of the transformation. DNI was recently recognised for these initiatives, being awarded the “Best in Future of Customer Experience” by the IDC Future Enterprise Awards 2022 for its exceptional commitment towards constantly enhancing the customer experience journey. The upgraded rating is a driving force and encouragement for DNI to continue to evolve its processes and create more opportunities to serve its partners & clients.