NCCI

The number one state owned company and the market leader, NCCI is at the core of an insurance reform process in Saudi Arabia. It is the first company to have obtained a license from SAMA allowing it to operate in accordance with the new insurance legislation. It is the cooperative nature of its model that has been more or less imposed on the market.

NCCI has been entrusted with a mission having a social dimension that is well beyond its commercial objectives. It contributes considerably in raising the awareness among the population to the concept of insurance.

The company, which is a genuine institution, has become the breeding ground of numerous national professional competences.
With the entry into force of the new insurance regulation, NCCI is called upon to become the standard bearer of an ever-growing market. Turnover wise, NCCI is already the first Arab insurer.

H.E Mr Soliman S. El-Hummayed	Mr Ali A. Al Subaihin
Chairman	CEO

Main financial highlights: 2004-2005

in USD

	2004	2005	2004/2005 growth
Gross premiums written	338 649 600	401 140 800	18.4%
Net premiums earned	194 630 666	223 524 000	14.8%
Total revenus*	249 059 733	324 671 733	30.3%
Gross claims paid	353 060 266	215 853 333	- 38.8%
Net claims incurred	149 735 733	176 448 533	17.8%
Policy acquisition costs and excess of loss expenses	20 488 000	26 932 533	31.4%
General and administrative expenses	32 152 266	37 034 933	15.1%
Total costs and expenses	202 375 999	240 415 999	18.7%
Net surplus from insurance operations	46 683 733	84 255 733	80.4%
Net profit	50 058 400	83 546 133	66.8%

* net premiums + received reinsurance commissions + financial income

Turnover split by class of business: 2004-2005

in USD

	2004	2005	2004/2005 growth
Motor	112 949 866	151 804 620	34.4%
Health	75 413 866	104 146 550	38.1%
Miscellaneous accident	10 171 200	12 917 424	2.7%
Marine*	49 048 799	52 959 569	38.9%
Engineering	24 430 400	27 801 795	13.8%
Property**	64 985 333	49 780 842	- 23.3%
Life	1 659 733	1 730 000	4.2%
Total	338 659 197	401 140 800	18.4%

* Estimates ARC ** Including Energy

Exchange rate SAR/USD as at 31/12	2004	2005
	0.2667	0.2667