Alliance insurance

Alliance insurance
Company: Alliance insurance
Date of creation: 1975
Classes of business: Life and non life insurance
Geographical presence: 5 branches in UAE

Alliance insurance: contact

Head officeAbu Bakr Alsedeeq St., Warba center, Dubai, P.O.Box 5501, United Arab Emirates
Phone+971 4 605 1111
E-mailgeneral [at] alliance-uae [dot] com / care [at] alliance-uae [dot] com
Websitewww.alliance-uae.com

Alliance insurance: rating

AgencyRatingOutlook
AM BestA-Stable

Alliance insurance: management

Chairman of the board of directorsAhmed Bin Saeed Al Maktoum
CEOAimen Saba Azara

Alliance insurance: share capital, shareholder’s equity and shareholding

Figures in USD
 20212020
Share capital27 222 00027 222 000-
Shareholder’s equity146 622 000143 432 0002.22%
Main shareholders% %
The Heirs of the Late Mr Juma Saif Rashed Bahkit29.5Saeed Mohamed Ali Al Kamda7.5
Ahmed Bin Saeed Al Maktoum25Rashid Said Mohamed AL Kamdah5
Gulf Insurance Group KSC20Ahmed Saif Rashid Bakhit2

Alliance insurance: turnover and result

Figures in USD

 20212020
Turnover82 768 00088 000 000-5.95%
Net result11 194 00011 471 000-2.41%

Alliance insurance: turnover breakdown per class of business

Figures in USD
 202120202021%
Health8 752 0007 839 00011.62%10.57%
Motor3 977 0009 765 000-59.27%4.81%
Fire3 696 0003 458 0006.88%4.47%
Marine1 229 0001 369 000-10.23%1.48%
Miscellaneous37 576 00037 038 0001.45%45.4%
Total non life55 230 00059 469 000-7.13%66.73%
Life27 538 00028 531 000-3.48%33.27%
Grand total82 678 00088 000 000-5.95%100%

Alliance insurance: main indicators

Figures in %
 20212020
Net loss ratio (1)65.9853.623.10
Net management expenses ratio83.8355.6850.56
Net combined ratio (1)149.81109.2837.09
Shareholder's equity / Technical reserves81.2270.9314.51
Shareholder's equity / Gross written premiums177.15162.998.69
Net result / Gross written premiums13.5213.043.68
Net result / Shareholder's equity (ROE)7.638-4.62

(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

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