Al Wathba National Insurance

Al Wathba National Insurance
Company: Al Wathba National Insurance
Date of creation: 1996
Classes of business: Non life
Geographical presence: 3 offices in UAE and 1 subsidiary in Cayman Islands

Al Wathba National Insurance: contact

Head officeBldg.Najda St. P.O Box:45154,Abu Dhabi, United Arab Emirates
Phone+971 2 4185300 / 600 54 40 40
E-mailalwathba [at] awnic [dot] com / CustomerCare [at] awnic [dot] com
Websitehttps://awnic.com/

Al Wathba National Insurance: rating

AgencyRatingOutlook
Standard and Poor’sBBB-Stable

Al Wathba National Insurance: management

Chairman of the board of directorsSaif Bin Mohammed Bin Butti Al Hamed
CEOBassam Adib Chilmeran

Al Wathba National Insurance: share capital, shareholder’s equity and shareholding

Figures in USD
 20212020
Share capital56 350 00056 350 000-
Shareholder’s equity265 013 000196 847 00034.63%
Main shareholders% %
Saif Darwish Ahmed Saif Al Ketbi19.1552Al Dhabi Investment PJSC7.4566
Rashed Darwish Ahmed Saif Al Kettbi9.4632Mohammad Bin Ahmad Bin Saeed Alqassimi5.7498
Ali Rasheed Nasser Al Omaira7.476APK Investments LLC5.2548

Al Wathba National Insurance: turnover and result

Figures in USD

 20212020
Turnover86 151 00083 465 0003.22%
Net result44 690 0004 144 000978.43%

Al Wathba National Insurance: turnover breakdown per class of business

Figures in USD
 202120202021%
Motor58 490 00060 490 000-3.31%67.89%
Fire and general accident24 900 00020 544 00021.2%28.9%
Marine and aviation2 274 0001 782 00027.61%2.64%
Health487 000649 000-24.96%0.57%
Total296 196 321317 686 729-6.76%100%

(1) Including property damage, marine, third part liability, money related, workmen compensation/employers liability.
(2) Including protection, savings and investment plans.

Al Wathba National Insurance: main indicators

Figures in %
 20212020
Net loss ratio
53.9546.5715.85
Management expenses ratio48.3539.2323.25
Net combined ratio
102.385.819.23
Shareholder's equity / Technical reserves112.4985.7327.03
Shareholder's equity / Gross written premiums307.62235.8530.43
Net result / Gross written premiums51.874.96945.77
Net result / Shareholder's equity (ROE)16.862.11699.05

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

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