CEO resigns from loss-making Dubai insurance firm Aman

The chief executive officer of Dubai Islamic Insurance and Reinsurance Co, known as Aman, has resigned, citing personal reasons, as the company continues to grapple with heavy losses.

Rachad Diab will step down on March 31 2026, according to a filing on the Dubai Financial Market, where the insurer’s shares are listed. 

He will remain in his role during the notice period to ensure business continuity and a smooth handover, the company said. No successor has been named.

Aman reported accumulated losses of more than AED195 million ($53 million) in its third-quarter 2025 financial results, equivalent to about 86 percent of its paid-up capital. 

The losses underscore the challenges facing the insurer even as conditions across the wider UAE insurance market improve.

The UAE insurance sector is enjoying a strong year, buoyed by population growth and rising demand for medical and motor cover. Higher policy prices, increased sales volumes and stronger investment income have lifted industry profits in 2025.

S&P Global Ratings expects combined revenue at listed UAE insurers to grow by 10 percent to 15 percent in 2026, easing from an estimated 15 percent to 20 percent this year, as growth normalises but remains robust.

Aman’s difficulties stand in contrast to those broader trends, highlighting the uneven recovery within the sector. The company did not provide further details on the reasons for Diab’s departure or on plans to address its financial position.

Aman’s shares were up 15 percent on Friday and are up 4.55 percent in the year to date.

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