...Medium-Sized Insurer: Union Insurance Company (P.J.S.C.) is a medium-sized insurance company in the UAE with reported insurance revenue up 4%, to AED615 million in 2025, driven mainly by a 56% increase in motor premiums. The company ranked 17th in the UAE, based on gross written premiums (GWP), out of 28 listed national insurance companies, but it is well diversified by line of business, writing a mixture of medical, motor, non-motor and life insurance. The medical and motor business lines represent the largest contributors to GWP, accounting for 61% of the portfolio, as the company shifts towards short-tail retail lines. Union's Insurer Financial Strength (IFS) rating is below its implied IFS rating of 'a-', due to its company profile. In our view, this factor is more of a rating constraint than the scoring weighting alone would indicate, reflecting its modest operating scale, as well as moderate competitive positioning and business risk profile. Strong Financial Performance: Union reported...
