National General Insurance Company (NGI) has a track record of strong operating performance and generated a profit after tax of AED119.2m [$32.5m] in 2025 (2024: AED127.5 m), translating to a return on equity of 17.8% in 2025 (2024: 20.9%), as calculated by AM Best.
The company’s earnings continue to be supported by positive investment returns, as well as robust underwriting results stemming from both its non-life and life portfolios, which have reported overall profits in each of the past 10 years (2016-2025), AM Best says.
The global credit agency has affirmed NGI’s Financial Strength Rating of ‘A-’ (Excellent) and the Long-Term Issuer Credit Rating of ‘a-’ (Excellent). The outlook of these credit ratings is stable.
Balance sheet strength
The ratings reflect NGI’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.
NGI’s balance sheet strength is underpinned by its risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). AM Best expects the company’s risk-adjusted capitalisation to remain at the strongest level, supported by its continued ability to generate capital through the retention of profits. The company’s balance sheet strength is supported further by its strong liquidity profile. NGI’s investment portfolio is well-balanced by asset class, albeit largely concentrated in the UAE.
Business profile
NGI holds a well-established position in the UAE insurance market as a mid-tier player, reporting insurance revenue of AED1,017.0m in 2025 (AED874.0m in 2024). NGI’s net insurance revenue is largely concentrated in the UAE market, and the company’s revenue is weighted toward medical business on a net basis.
AM Best expects the company to grow modestly over the short-to-medium term through strategic partnerships and innovative product offerings, with a focus on achieving bottom-line profitability and maintaining a balanced underwriting portfolio.