UAE listed Insurance Companies

Insurance Company Stocks and Shares in the UAE

Many of the listed companies in the insurance sector of the Dubai and Abu Dhabi stock exchanges are not frequently traded, and some have never traded since listing. There is apparently a Ministry of Economy ruling that restricts UAE insurance companies from allowing non-UAE and non-GCC nationals from owning their securities although there are some exceptions. Additionally, most insurance companies are not Sharia compliant organisations, so many brokers will not trade their stocks, nor will investors.

The few insurance companies which trade equities with any degree of frequency in order of trading volume (roughly) are:

Salama Islamic Arabic Insurance Company (IAIC) - relatively high volumes (listed on DFM)
Mithaq or Methaq Takaful Insurance (METHAQ), an Islamic insurance company that listed on the ADX 11 May 2008, actively traded at first but volumes dropped significantly later during 2008.
Emirates Takaful or Takaful Emarat (TAKAFUL-EM), an Islamic insurance company that listed on DFM 20 July 2008 with low to moderate trading activity (high when it first listed).
Dubai Islamic Insurance & Reinsurance (AMAN) - low to moderate volume (DFM)
Takaful House (DARTAKAFUL) listed on DFM 04 August 2008, an Islamic insurance company that was actively traded on listing but turnover dropped quickly
Abu Dhabi National Takaful Company PSC (TKFL) - low volume (ADX)
Arab Insurance Group (ARIG) - shares are infrequently traded (DFM secondary listing, primary listing in Bahrain)
Al Khazna Insurance Company (AKIC) - infrequently traded (ADX)
Abu Dhabi National Insurance Company (ADNIC) - infrequently traded (ADX)
Dubai National Insurance and Reinsurance (DNIR) - infrequently traded (DFM)

Insurance Companies Listed on Dubai Financial Market (DFM)

Several insurance companies listed on DFM have similar names (AMAN, DIN, and DNIR) which could be confusing but is of little interest to most investors since it's unlikely they'll be buying or selling shares in these companies, except perhaps for AMAN.

Islamic Arabic Insurance Company (IAIC) is one of the handful of actively traded stocks on DFM and since December 2006, has allowed foreigners to own up to 25% of their shares. Also known as Salama.
Dubai Islamic Insurance and Reinsurance (AMAN) is sometimes actively traded - more so than all other insurance companies, except for IAIC, but not really active enough for day traders to get interested in. It can be quite volatile with its price movements. Ownership is restricted to UAE (and possibly GCC) nationals only. Confusingly is also called Aman Insurance on ESCA's website.
Dubai National Insurance and Reinsurance Company (DNIR) as of May 2006 allowed up to 25% foreign ownership but only for GCC nationals. DNIR stocks became a little more actively traded then but that only means maybe a trade or two per week rather than none.
Dubai Insurance Company (DIN) very rarely trades.

Other insurance company shares of interest that are listed on the Dubai Financial Market are:

Arab Insurance Group (ARIG) is based in Bahrain and is also listed on the Bahrain Stock Exchange. ARIG stocks might trade a few times per week.

The rest of the DFM listed insurance companies:

Arab Orient Insurance Company (AOIC) - shares never traded since listing (as of 02 February 2007).
Alliance Insurance (ALLIANCE) - never traded since listing (as of 02 February 2007).
Al Sagr National Insurance Company (ASNIC) - never traded since listing (as of 02 February 2007).
Arab Scandinavian Insurance Company (ASCANA) - rarely trades
National General Insurance (NGI) - very rarely traded.
Oman Insurance Company (OIC) - very rarely traded.

Insurance Companies listed on Abu Dhabi Securities Exchange (ADX)

There are a large number of insurance company stocks listed on the Abu Dhabi Securities Exchange (ADX), previously known as the Abu Dhabi Securities Market (ADSM). Only the Islamic insurance companies are actively traded on a daily basis. Note that Takaful is a descriptive term used when describing Islamic insurance companies as well as the name of one of the ADX listings (Abu Dhabi National Takaful), so most press articles talking about Takaful insurance are referring to the sector rather than that particular company.

Abu Dhabi National Takaful Company PSC (TKFL) - the only insurance stock listed on ADSM that would be traded most days.
Al Khazna Insurance Company (AKIC) - a handful of trades per week. Rarely more than one or two trades on any given day, but often with a big price movement up or down from previous trade. This often results AKIC being mentioned in the daily stock market summaries in the press, along with amusing rhetoric such as "trading was suspended when price hit the 10% limit", or "AKIC shares crashed", or "huge rise in AKIC share price". You really wonder if the public takes any notice anyway.
Al-Ain Ahlia Insurance Company (AAAIC) - sometimes the symbol ALAIN is seen. Rarely trades.
Al Buhaira National Insurance Company (ABNIC) - very rarely trades.
Abu Dhabi National Insurance Company (ADNIC) - trades infrequently.
Al Wathba National Insurance (AWNIC) - rarely traded.
Al Dhafra Insurance Company (DHAFRA) - very rarely traded.
Emirates Insurance Company (EIC) - very rarely traded.
Al Fujairah National Insurance Company (AFNIC) - never traded since listing (as of 02 February 2007).
Ras Al Khaimah National Insurance Company (RAKNIC) - very rarely traded.
Sharjah Insurance Company (SICO) - very rarely traded.
United Insurance Company (UIC) - very rarely traded. Don't confuse with UNION...
Union Insurance Company (UNION) - infrequently traded.

General UAE Insurance Market

As of August 2007, according to Middle East Insurance Review (an insurance magazine launched September 2006 - full name is MiddleEast Insurance Review Incorporating Global Takaful (MIR) ) there are 46 companies offering insurance in the UAE, of which 23 are UAE companies.

As of August 2007 there are 24 companies listed in the insurance sector according to ESCA. Arab Insurance Group (ARIG) is a Bahrain based company with a dual listing, the remainder are UAE based companies - including Oman Insurance Company (OIC).

Update December 2008 - added new Islamic insurance company listings during 2008 (Methaq, Takaful House, Dar Takaful).

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This page last updated 20-Dec-2008. E & OE.