Al Fujairah National Insurance
 | Company: Al Fujairah National Insurance |
| Date of creation: 1976 | |
| Classes of business: Life and non life | |
| Geographical presence: 5 branches in UAE |
Al Fujairah National Insurance: contact
| Head office | Hamad Bin Abdullah St., Insurance Building , 8th Floor, Fujairah United Arab Emirates, P.O. Box 277, Fujairah, United Arab Emirat |
| Phone | +971 9 2233355 |
| ho [at] fujinsco [dot] ae | |
| Website | https://afnic.ae/ |
Al Fujairah National Insurance: rating
| Agency | Rating | Outlook |
| AM Best | B++ | Stable |
Al Fujairah National Insurance: management
| Chairman of the board of directors | Abdul Ghaffour Behroozian |
| CEO | Antoine Maalouli |
Al Fujairah National Insurance: share capital, shareholder’s equity and shareholding
Figures in USD| 2021 | 2020 | ▲ | |
| Share capital | 36 232 000 | 32 939 000 | 10% |
| Shareholder’s equity | 92 386 000 | 85 794 000 | 7.68% |
| Main shareholders | % |
| Department of Industry and Economy - Fujairah Government | 80.0666 |
| Al Fujairah Investment | 16.8114 |
Al Fujairah National Insurance: turnover and result
Figures in USD
| 2021 | 2020 | ▲ | |
| Turnover | 64 645 000 | 67 248 000 | -3.87% |
| Net result | 5 087 000 | 10 054 000 | -49.40% |
Al Fujairah National Insurance: turnover breakdown per class of business
Figures in USD| 2021 | 2020 | ▲ | 2021% | |
| Motor | 31 935 000 | 36 944 000 | -13.56% | 49.4% |
| Property damage | 12 121 000 | 12 029 000 | 0.76% | 18.75% |
| Marine and aviation | 2 011 000 | 1 689 000 | 19.06% | 3.11% |
| Group life and health | 18 578 000 | 16 586 000 | 12.01% | 28.74% |
| Total | 64 645 000 | 67 248 000 | -3.87% | 100% |
Al Fujairah National Insurance: main indicators
Figures in %| 2021 | 2020 | ▲ | |
| Net loss ratio (1) | 52.5 | 45.26 | 16 |
| Management expenses ratio (1) | 42.8 | 39.39 | 8.66 |
| Combined ratio (1) | 95.3 | 84.65 | 12.58 |
| Shareholder's equity / Technical reserves | 110.06 | 102.01 | 7.89 |
| Shareholder's equity / Gross written premiums | 142.91 | 127.58 | 12.02 |
| Net result / Gross written premiums | 7.87 | 14.95 | -47.36 |
| Net result / Shareholder's equity (ROE) | 5.51 | 11.72 | -52.99 |
(1) Calculated for the life and non life activities
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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