 | Company: Sukoon* |
| Date of creation: 1976 |
| Classes of business: Life and non-life |
| Geographical presence: UAE, Oman and Turkey |
* Oman Insurance Company has rebranded itself as Sukoon.
Sukoon: contact
| Head office | Al Maktoum Street, Al Maktoum Building Number 24, Deira, P.O. Box 5209 Dubai, United Arab Emirates |
| Phone | +971 4 233 7777 |
| E-mail | service [at] sukoon [dot] com / complaints [at] sukoon [dot] com |
| Website | https://www.sukoon.com/ |
Sukoon: rating
| Agency | Rating | Outlook |
| AM Best | A | Stable |
| Standard and Poor’s | A- | Positive |
| Moody’s | A2 | Stable |
Sukoon: management
| Chairman of the board of directors | Abdul Aziz Abdulla Al Ghurair |
| General manager/CEO | Jean-Louis Laurent Josi |
Sukoon: share capital, shareholder’s equity and shareholding
Figures in USD| | 2021 | 2020 | ▲ |
| Share capital | 125 730 796 | 125 730 796 | - |
| Shareholder’s equity | 606 739 725 | 563 977 229 | 7.58% |
| Main shareholders | % |
| Mashreq Bank | 64.4637 |
Sukoon: turnover and result
Figures in USD
| | 2021 | 2020 | ▲ |
| Turnover | 963 367 525 | 975 937 011 | -1.29% |
| Net result | 56 111 348 | 53 504 297 | 4.87% |
Sukoon: turnover breakdown per class of business
Figures in USD| | 2021 | 2020 | ▲ | 2021% |
| Non life (1) | 444 885 063 | 486 323 208 | -8.52% | 46.18% |
| Life and health(2) | 518 482 462 | 489 613 803 | 5.90% | 53.82% |
| Total | 963 367 525 | 975 937 011 | -1.29% | 100% |
(1) Including property, engineering, energy, motor, general accident, aviation and marine risks.
(2) Includinging individual life, medical, group life, personal accident and investment linked products.
Sukoon: main indicators
Figures in %| | 2021 | 2020 | ▲ |
| Net loss ratio (1) | 57.11 | 51.42 | 11.07 |
| Net management expenses ratio (1) | 81.22 | 79.92 | 11.38 |
| Net combined ratio (1) | 138.32 | 124.34 | 11.25 |
| Shareholder's equity / Technical reserves | 41.77 | 37.42 | 11.62 |
| Shareholder's equity / Gross written premiums | 62.98 | 57.79 | 8.99 |
| Net result / Gross written premiums | 5.82 | 5.48 | 6.24 |
| Net result / Shareholder's equity (ROE) | 9.25 | 9.49 | -2.52 |
(1) Calculated only for the non life activity. General and administrative expenses concern the group' s total activities.
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
