PureHealth’s Daman rebrands, enters property and casualty ins. market: ADX-listed PureHealth expanded its ins. arm, Daman, and changed its name to the National Ins. Company – Daman, according to the Abu Dhabi Media Office. This formalizes its expansion beyond health ins. into the property and casualty (P&C) segment as it eyes portfolio diversification.

The next steps: The company will introduce new P&C products for firms and individuals in phases while still providing health ins. services for its existing members. Daman is looking to tap into the P&C market, which is set to be valued at USD 16.8 bn by 2031, the statement read citing Verified Market Research.

This is not PureHealth’s first rebrand this year, after it rebranded its subsidiary Ambulatory Healthcare Services (AHS) to Seha Clinics earlier this year, fully integrating it into the Seha network.

About Daman: Daman provides health coverage to over 3 mn members through upwards of UAE healthcare providers. The insurer uses AI-powered underwriting, efficient claim settlement, and multilingual infrastructure to support expansion into new ins. sectors.

The expansion follows on from a strong 1Q earnings season, during which PureHealth recorded revenues of AED 6.6 bn, an 8% y-o-y increase, according to an earnings release (pdf). Its bottom line saw a 3% y-o-y uptick to AED 491 mn and an 8% profit margin. Growth across its hospitals and ins. divisions helped drive the results for the period, during which it also launched new products including its Amanak ins. product for Emirati SMEs and established a global partnership with AXA.

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