 | Company: Al Buhaira National Insurance |
| Date of creation: 1978 |
| Classes of business: Life and non-life insurance |
| Geographical presence: 9 branches and 14 point of sale in UAE |
Al Buhaira National Insurance: contact
| Head office | Al Buhaira Tower, Khalid Lagoon, Buhaira Corniche, Sharjah, UAE P.O. Box – 6000 |
| Phone | +971 06 517 4444 |
| E-mail | care [at] albuhaira [dot] com |
| Website | https://www.albuhaira.com/ |
Al Buhaira National Insurance: rating
| Agency | Rating | Outlook |
| S&P | BB+ | Stable |
Al Buhaira National Insurance: management
| Chairman of the board of directors | Sheikh Faisal Bin Khalid Sultan Al Qasimi |
| CEO | Nader T. Qaddumi |
Al Buhaira National Insurance: share capital, shareholder’s equity and shareholding
Figures in USD| | 2021 | 2020 | ▲ |
| Share capital | 68 055 000 | 68 055 000 | - |
| Shareholder’s equity | 185 356 642 | 183 674 223 | 0.92% |
| Main shareholders | % | | % |
| Salem Abdulla Salem Al-Hosani | 16.4 | First Abu Dhabi Bank P.J.S.C. | 10 |
| Abdullah Mohammed Ali Al-Thani | 153.5 | Umm Al Qaiwain General Investments Company P.S.C. | 9.8 |
| Faysal Khaled Sultan Al-Qassimi | 12.3 | Nabulsi Soha Ali Fawzi Al | 9.29 |
Al Buhaira National Insurance: turnover and result
Figures in USD
| | 2021 | 2020 | ▲ |
| Turnover | 245 353 524 | 252 135 158 | -2.69% |
| Net result | 6 814 899 | 6 529 237 | 4.37% |
Al Buhaira National Insurance: turnover breakdown per class of business
Figures in USD| | 2021 | 2020 | ▲ | 2021% |
| Fire | 13 797 381 | 14 567 870 | -5.28% | 5.62% |
| Other property damage (1) | 141 633 217 | 138 972 451 | 1.91% | 57.73% |
| General third party liability (2) | 74 925 481 | 85 857 633 | -12.73% | 30.54% |
| Marine (3) | 11 183 757 | 10 214 588 | 9.48% | 4.56% |
| Total non-life | 241 539 836 | 249 612 542 | -3.23% | 98.45% |
| Life | 3 813 688 | 2 522 616 | 51.17% | 1.55% |
| Grand total | 245 353 524 | 252 125 158 | -2.68% | 100% |
(1) Including medical, motor and other classes of insurance
(2) Including accident and liabilities
(3) Including aviation and marine & land transportation
Al Buhaira National Insurance: main indicators
Figures in %| | 2021 | 2020 | ▲ |
| Net loss ratio (1) | 91.47 | 67.67 | 35.18 |
| Management expenses ratio | 52.32 | 49.8 | 5.06 |
| Combined ratio (1) | 143.79 | 117.47 | 22.41 |
| Shareholder's equity / Technical reserves | 61.01 | 66.14 | -7.76 |
| Shareholder's equity / Gross written premiums | 75.54 | 72.84 | 3.7 |
| Net result / Gross written premiums | 2.77 | 2.58 | 7.36 |
| Net result / Shareholder's equity (ROE) | 3.68 | 3.55 | 3.43 |
(1) Including medical, motor and other classes of insurance
Notes:
- Net loss ratio = Net incurred losses (paid losses+outstanding losses ) / Net earned premiums
- Management expenses ratio = Overhead expenses and acquisition costs / Net written premiums
- Net combined ratio = Loss ratio + Management expenses ratio
Exchange rate as at 31/12/2020 : 1 AED = 0.27222 USD ; at 31/12/2021 : 1 AED = 0.27222 USD
