UCA

Upon its foundation in 1973 by Doctor Ghaith Rashed Pharaon, United Commercial Agencies Ltd. used to operate as a representative of a pool made up of AGF, UAP and several other European and Arab insurance companies. UCA was then based in Al Khobar, east of Saudi Arabia.

Several years later, the shareholders set up an autonomous entity named UCA Insurance Co. The decision to base it in Bahrain was then justified by the restrictions imposed by the local authorities and by the proximity of Bahrain to Saudi Arabia. With its head office in Bahrain and a new operations centre located in Jeddah, UCA is progressively developing a portfolio throughout the kingdom.

The year 2003 marks a new turning point in the evolution of the company. The official approval of the insurance business by the Saudi authorities turned the market upside down.

M. Machaal KARAM

CEO

UCA immediately decided to plunge in full swing by creating a new UCA endowing it with a capital of 200 million SAR (53.4 million USD), that is double the amount of the minimum capital required by the authorities. The new UCA is called upon to take full advantage of the long-awaited insurance boom in Saudi Arabia. This new impetus is likely to boost UCA to the rank of leading regional insurance groups.

As to its international expansion, UCA Jeddah can rely on the sizable support from the group's second insurance company, UCA Beyrouth. The Lebanese insurer, which is priding itself on the fame and the long traditions it acquired on the national market, has already started out a promising partnership in Syria.

Turnover evolution: 2001-2005

in millions USD

	2001	2002	2003	2004	2005
Non life	38.41	42.06	48.77	60.99	77.09
Life	0.93	0.91	0.56	0.61	0.69
Total	39.34	42.97	49.33	61.60	77.78

in millions USD

Gross premiums split by class of business 2004-2005

in millions USD

	2001	2002	2003	2004	2005
Non life
Fire	12.61	15.60	12.00	8.03	6.54
Engineering	11.55	10.51	18.34	18.56	7.74
Energy	0.00	0.00	-	12.67	29.18
Health	6.67	7.10	8.51	9.65	14.75
Motor & TPL	4.99	5.49	6.43	6.67	12.48
Marine	2.27	2.72	2.66	3.20	4.51
Accident	0.32	0.64	0.83	2.21	1.89
Total non life	38.41	42.06	48.77	60.99	77.09
Life
Total life	0.93	0.91	0.56	0.61	0.69
Grand total	39.34	42.97	49.33	61.60	77.78

Gross premiums split by class of business in 2005

Main financial highlights: 2000-2005

in millons USD

	2000	2001	2002	2003	2004	2005
Gross premiums	36.96	39.34	42.97	49.33	61.60	77.78
Premiums net of retrocession	16.69	15.55	20.33	16.24	16.37	28.43
Gross earned premiums	36.24	39.02	43.02	44.91	49.01	63.67
Gross losses	19.87	14.88	20.75	16.75	16.43	29.15
Losses net of retrocession	11.49	10.00	12.86	11.04	12.16	18.19
Loss ratio	54%	38%	48%	37%	34%	46%
Technical result	0.85	0.91	1.12	1.25	1.65	2.61
Investment income	0.85	1.04	1.36	1.95	1.68	1.92
Net result	1.70	1.95	2.48	3.20	3.33	4.53

Exchange rate SAR/USD as at 31/12	2001	2002	2003	2004	2005
	0.26662	0.26662	0.26663	0.26663	0.26665

Thanks: We thank UCA for their kind assistance in the conception of this survey