Al Buhaira National Insurance Company - ABNIC

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ABNIC
  • Date of creation: 16 May 1978, Al Sharjah, United Arab Emirates
  • Classes of business: Life and non-life
  • Rating: Standard & Poor’s / BB / Negative
  • Regional structures: 26 entities

ABNIC in 2022

Faisal Bin Khalid Bin Sultan Al Qasimi
Faisal Bin Khalid Bin Sultan Al Qasimi
Chairman of the Board of Directors
Share capital68 060 000 USD
Turnover256 671 182 USD
Assets579 949 640 USD
Shareholder’s equity169 265 869 USD
Net result-9 390 515 USD
Net life and non-life loss ratio104.25%
Net non-life management expenses ratio22.55%
Net non-life combined ratio126.8%

Management

Faisal Bin Khalid Bin Sultan Al QasimiChairman of the Board of Directors
Khaled Bin Abdulla Sultan Al QasimiGroup Managing Director
Nader Tawfiq Al QaddumiGroup CEO
Issam MehdawiAssistant General Manager, accidents and fire
Nabil ShanawaniAssistant General Manager, health
Salah F. DaouAssistant General Manager, finance

Shareholding as at 31/12/2022

ShareholdersShares
Salem Abdullah Salem Al Hosani16.3553%
Abdullah Bin Mohamed Ali Al Thani13.4686%
Faisal Bin Khalid Bin Sultan Al Qassimi12.3797%
FAB Private Bank (Switzerland) SA10%
Umm Al Qaiwain General Investment Co PSC9.8%
Soha Almi Fawzy Al Nabolsy9.292%
Others28.7044%

ABNIC: main technical highlights

Figures USD

Highlights20182019202020212022
Gross written premiums132 523 936235 947 894247 604 978244 384 089256 671 182
Gross non-life written premiums129 688 192233 221 544245 222 994240 557 844253 817 062
Gross life written premiums2 835 7442 726 3502 381 9843 826 2452 854 120
Net written premiums51 583 94448 463 65150 569 36970 286 62971 562 234
Net non-life written premiums51 450 48548 065 30550 390 78970 028 63571 166 463
Net earned premiums58 302 76151 262 12151 570 79268 120 78170 639 220
Net non-life earned premiums58 100 07050 981 21051 479 66467 781 88870 202 078
Net non-life incurred losses45 276 42343 789 84634 833 92462 001 82273 184 780
Non-life management expenses14 389 26614 568 01714 984 00115 395 52116 046 824
Net non-life loss ratio (1)77.93%85.89%67.67%91.47%104.25%
Non-life management expenses ratio (2)27.97%30.31%29.74%21.98%22.55%
Net non-life combined ratio (3)105.90%116.20%97.41%113.45%126.80%
Net result9 664 9126 006 7666 529 2376 814 899-9 390 515

(1) Net non-life loss ratio = Net non-life incurred losses / Net non-life earned premiums
(2) Net non-life management expenses ratio = Non-life management expenses/ Net non-life written premiums
(3) Net non-life combined ratio = Net non-life loss ratio + Net non-life management expenses ratio
Exchange rate as at 31/12/2022: 1 AED = 0.27224 USD ; 31/12/2021: 1 AED = 0.27222 USD ; 31/12/2020: 1 AED = 0.27222 USD ; 31/12/2019: 1 AED = 0.27221 USD ; at 31/12/2018: 1 AED = 0.27227 USD

ABNIC: turnover breakdown by class of business

Figures in thousands USD

Classes of business201820192020202120222022 shares
Accident and third-party liability77 33080 39180 77974 60363 63424.79%
Marine11 1729 20510 81511 54613 0135.07%
Fire10 45613 94914 39812 17812 0354.69%
Other property risks30 731129 677139 231142 231165 13564.34%
Non-life total129 688233 222245 223240 558253 81798.89%
Life total2 8362 7262 3823 8262 8541.11%
Grand total132 524235 948247 605244 384256 671100%
ABNIC turnover breakdown

ABNIC: net written premiums by class of business

Figures in thousands USD

Class of business201820192020202120222021-2022 evolution (1)
Accident and third-party liability40 21425 50022 64532 29922 237-31.16%
Marine1 2441 4223 1413 9344 67118.73%
Fire1 0911 9812 3401 6061 080-32.76%
Other property risks8 90119 16322 26432 18943 17834.13%
Non-life total51 45048 06550 39170 02971 1661.62%
Life total13339817925839653.39%
Grand total51 58448 46450 56970 28771 5621.81%

(1) Evolution in local currency

ABNIC: net earned premiums by class of business

Figures in thousands USD

Class of business201820192020202120222021-2022 evolution (1)
Accident and third-party liability39 77828 92925 01730 72624 563-20.06%
Marine1 5321 4402 6723 3844 53433.98%
Fire9151 6042 2471 8931 354-28.48%
Other property risks15 87519 00721 54431 77939 75225.08%
Non-life total58 10050 98151 48067 78270 2023.56%
Life total2032819133943728.98%
Grand total58 30351 26251 57168 12170 6393.69%

(1) Evolution in local currency

ABNIC: net incurred losses by non-life class of business

Figures in thousands USD

Class of business201820192020202120222021-2022 evolution (1)
Accident and third-party liability28 01421 17116 49727 38130 1199.99%
Marine8998651 2821 0611 65155.59%
Fire7541 2701 0133 0421 247-59.01%
Other property risks15 60920 48416 04330 51840 16831.61%
Non-life total45 27643 79034 83462 00273 18518.03%

(1) Evolution in local currency

ABNIC: management expenses by non-life class of business

Figures in thousands USD

Class of business201820192020202120222021-2022 evolution (1)
Accident and third-party liability8 4888 5017 0026 8086 459-5.14%
Marine1 5091 3101 4782 2132 074-6.28%
Fire1 4401 5011 2978929678.41%
Other property risks2 9533 2575 2075 4836 54719.40%
Non-life total14 38914 56814 98415 39616 0474.22%

(1) Evolution in local currency

ABNIC: net loss ratio by non-life class of business

Classes of business20182019202020212022
Accident and third-party liability70.43%73.18%65.94%89.11%122.62%
Marine58.66%60.05%47.98%31.36%36.41%
Fire82.43%79.20%45.06%160.74%92.14%
Other property risks98.33%107.77%74.46%96.03%101.05%
Non-life total77.93%85.89%67.67%91.47%104.25%

ABNIC: net management expenses ratio by non-life class of business

Classes of business20182019202020212022
Accident and third-party liability21.11%33.33%30.92%21.08%29.05%
Marine121.26%92.13%47.05%56.25%44.40%
Fire131.92%75.78%55.42%55.52%89.51%
Other property risks33.18%16.99%23.39%17.03%15.16%
Non-life total27.97%30.31%29.74%21.98%22.55%

ABNIC: net combined ratio by non-life class of business

Classes of business20182019202020212022
Accident and third-party liability91.54%106.51%96.86%110.19%151.67%
Marine179.92%152.18%95.03%87.61%80.81%
Fire214.35%154.98%100.48%216.26%181.65%
Other property risks131.51%124.76%97.85%113.06%116.21%
Non-life total105.90%116.20%97.41%113.45%126.80%
ABNIC

ABNIC: Contact

Head office
6th Floor, Al Buhaira Tower, Buhaira Corniche, P.O. Box 6000, Sharjah, United Arab Emirates
Phone
+971 6 5174444
Fax
+971 6 5748855
E-mail
gm [at] albuhaira [dot] com
Website
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Mon, 25/12/2023 - 11:05
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