AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" (Excellent) for Dubai National Insurance & Reinsurance P.S.C. (DNI) in the United Arab Emirates. The outlook for these ratings is stable. These ratings are based on DNI's very strong balance sheet, strong operating performance, limited business profile, and appropriate enterprise risk management. DNI's balance sheet strength is supported by strong risk-adjusted capitalization, good earnings retention, low underwriting leverage, good liquidity levels, and prudent reserving practices. However, the company has a high dependence on reinsurance, with an average retention ratio of approximately 49.9% from 2022 to 2024. This risk is mitigated by using a panel of international reinsurers with excellent financial strength. DNI has shown strong operating performance, with a five-year average combined ratio of 85.3%, although recent underwriting performance has been pressured, with combined ratios rising to 104.2% in 2024 and 99.8% for the third quarter of 2025.