 | Company: Al Sagr National Insurance (ASNIC) |
| Date of creation: 1979 |
| Classes of business: Life and non life |
| Geographical presence: 7 branches in UAE |
Al Sagr National Insurance (ASNIC): contact
| Head office | Diplomatic Area, Al Seef Road, Bur Dubai, PO Box 14614, Dubai, UAE |
| Phone | +971 04 7028500 |
| E-mail | asnic [at] alsagrins [dot] ae |
| Website | https://www.alsagrins.ae/ |
Al Sagr National Insurance (ASNIC): rating
| Agency | Rating | Outlook |
| AM Best | B | Negative |
Al Sagr National Insurance (ASNIC): management
| Chairman of the board of directors | Majid Abdulla Al Sari |
| CEO | Abdel Muhsen Jaber |
Al Sagr National Insurance (ASNIC): share capital, shareholder’s equity and shareholding
Figures in USD| | 2021 | 2020 | ▲ |
| Share capital | 62 611 000 | 62 611 000 | - |
| Shareholder’s equity | 69 635 000 | 87 187 000 | -20.13% |
| Main shareholders | % | | % |
| Gulf General Investment | 47.08 | Khalid Abdulla Omran Tariam | 7.4566 |
| Near East Investment Co. | 8.75 | Amjad M. Y. Mahmoud Salman Al-Dwaik | 5.7498 |
| Emirates Development Industrial Co. Ltd. | 7.5 | Ayman Mohammed Yusri Al-Duwaik | 5.2548 |
Al Sagr National Insurance (ASNIC): turnover and result
Figures in USD
| | 2021 | 2020 | ▲ |
| Turnover | 136 240 000 | 139 043 000 | -2.02% |
| Net result | -17 135 000 | 1 565 000 | -1194.89% |
Al Sagr National Insurance (ASNIC): turnover breakdown per class of business
Figures in USD| | 2021 | 2020 | ▲ | 2021% |
| Non life | 135 881 000 | 137 496 000 | -1.17% | 99.74% |
| Life | 359 000 | 1 547 000 | -76.79% | 0.26% |
| Total | 136 240 000 | 139 043 000 | -2.02% | 100% |
(1) Including property damage, marine, third part liability, money related, workmen compensation/employers liability.
(2) Including protection, savings and investment plans.
Al Sagr National Insurance (ASNIC): main indicators
Figures in %| | 2021 | 2020 | ▲ |
| Net loss ratio (1) | 96.18 | 67.74 | 41.98 |
| Net management expenses ratio | 31.66 | 27.79 | 13.93 |
| Net combined ratio (1) | 127.84 | 95.53 | 33.82 |
| Shareholder's equity / Technical reserves | 30.98 | 45.56 | -32 |
| Shareholder's equity / Gross written premiums | 51.11 | 62.71 | -18.5 |
| Net result / Gross written premiums | -12.58 | 1.13 | -1213.27 |
| Net result / Shareholder's equity (ROE) | -24.61 | 1.79 | -1474.86 |
(1) Calculated only for the non life activity.
Notes:
- Net loss ratio = Net incurred losses (paid losses+outstanding losses ) / Net earned premiums
- Net 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
