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Al Ahleia Insurance Company

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Magazine Issue: 
2020, the year of COVID-19 [3]
Magazine date: 
May 2020
al ahleia insurance company
  • Date of creation: 12 June 1962, Kuwait
  • Class of business: Life and non-life
  • Regional structures: 9 local branches and 1 subsidiary*: Kuwait Re (Kuwait)
  • Rating:
    • A.M. Best : A- Stable
    • Moody’s : A3 Stable
    • Standard & Poor’s : A- Negative

* The Trade Union Holding (Bahrain) ceased its activities

Al Ahleia Insurance Company in 2019

Ayman A Al Shayea
Yousef S Al Saad
Ayman A. Al-Shayea
Chairman of the board
Yousef S. Al-Saad
CEO
Share capital
65 796 600 USD
Turnover
321 962 822 USD
Total assets
1 031 042 295 USD
Shareholder’s equity
392 330 052 USD
Net-result
35 657 331 USD
Net non-life loss ratio
74.20%
Net non-life management expenses ratio
51.92%
Non-life combined ratio
126.12%

Management

Ayman Abdullatif Al-ShayeaChairman of the board
Yousef S. Al-SaadChief Executive Officer (CEO)
Mohammad A. Al-SaadVice CEO
Jamal Y. Al-HoulliVice CEO, Motor Department
Jawad R. SalehVice CEO, Life and Medical Department
Ghazi A. Al-RoumiVice CEO, Production and Branches Department
Mohammad A. SamourVice CEO, Marine and Aviation Department
Fayeq H. TawdrosActuary

Main sharehoders

Stock market investments91.92%
National Industries Group Hold. & Group (Ikarus Petroleum Industries, Noor Financial Investment CO. & Pearl National Hold.)8.08%

Read also | Top 10 insurance companies in Kuwait [4]

Al Ahleia Insurance Company: Main technical highlights (2015-2019)

Figures in USD
 20152016201720182019
Gross written premiums142 619 186201 575 010237 728 478275 424 664321 962 822
Reinsurance premiums (1)33 113 81395 895 486115 822 514152 687 685187 404 952
Net written premiums63 388 484122 037 529167 202 393197 940 864236 253 022
Net earned premiums98 946 641137 699 694160 362 661190 113 929217 698 381
Net incurred losses54 494 46682 117 232113 897 180130 092 025162 385 983
Management expenses41 162 90551 112 73249 247 80455 578 69758 407 928
Net non-life loss ratio (2)55.96%40.51%66.81%54.65%74.20%
Net non-life management expenses ratio (3)49.02%50.37%55.90%55.96%51.92%
Net non-life combined ratio (4)104.98%90.88%122.71%110.61%126.12%
Net result37 339 77230 019 44529 220 10132 691 25535 657 331

(1) The underwriting of reinsurance operations is achieved by Kuwait Re
(2) Net non life loss ratio = Net non life incurred losses / net non life earned premiums
(3) Net non life management expenses ratio = Non life management expenses / Net non life written premiums
(4) Net non life combined ratio = Net non life loss ratio + Net non life management expenses ratio

The loss ratio and the management expenses ratio are computed for non life insurance, excluding, life, health and reinsurance.

Al Ahleia Insurance Company: Turnover breakdown per class of business (2015-2019)

Figures in USD
 201520162017201820192019 shares
Accident
40 779 92041 165 85042 515 37334 204 68638 263 46711.88%
Marine and aviation
23 362 87018 475 96618 955 26624 080 25827 342 8898.49%
Fire
16 698 53416 376 82616 854 87417 706 14419 694 8736.12%
Total non life
80 841 32476 018 64278 325 51375 991 08885 301 22926.49%
Life and medical
28 664 04929 660 88252 951 82554 476 25658 356 06118.13%
Total insurance premiums
109 505 373105 679 524131 277 338130 467 344143 657 29044.62%
Reinsurance premiums
33 113 81395 895 486115 822 514152 687 685187 404 95258.21%
Other operations *
---9 371 374-7 730 365-9 099 420-2.83%
Grand total
142 619 186201 575 010237 728 478275 424 664321 962 822100%

* Intercompany transactions

Breakdown of 2019 turnover per class of business

Al Ahleia Insurance Company GWP

* Intercompany transactions

Al Ahleia Insurance Company: Net written premiums per class of business (2015 - 2019)

Figures in USD
 201520162017201820192018-2019 evolution*
Accident
21 275 30919 125 39117 605 11416 376 25617 690 7717.69%
Marine and aviation
5 029 3645 207 2275 000 5225 490 7844 800 221-12.85%
Fire
2 511 9392 525 0652 093 1891 789 1181 658 982-7.56%
Total nonlife
28 816 61226 857 68324 698 82523 656 15824 149 9741.77%
Life and health
10 216 63211 676 36438 557 51141 796 53646 706 23611.40%
Total insurance premiums
39 033 24438 534 04763 256 33665 452 69470 856 2107.91%
Reinsurance premiums
24 355 24083 503 482103 946 057132 488 170165 396 81224.45%
Grand total
63 388 484122 037 529167 202 393197 940 864236 253 02218.98%

* Evolution in local currency

Al Ahleia Insurance Company : Net earned premiums per class of business (2015-2019)

Figures in USD
 20152016201720182019Evolution 2018-2019*
Accident
23 126 12919 617 75318 471 40116 473 69216 595 4320.42%
Marine and aviation
4 709 6455 112 6434 847 8095 534 3534 698 381-15.37%
Fire
2 575 0602 491 0642 258 2701 902 0791 633 831-14.37%
Total non life
30 410 83427 221 46025 577 48023 910 12422 927 644-4.41%
Life and medical
10 216 63211 676 36438 557 51141 796 53646 706 23611.40%
Total insurance premiums
40 627 46638 897 82464 134 99165 706 66069 633 8805.65%
Reinsurance premiums
58 319 17598 801 87096 227 670124 407 269148 064 50118.64%
Grand total
98 946 641137 699 694160 362 661190 113 929217 698 38114.15%

* Evolution in local currency

Al Ahleia Insurance Company: Net incurred losses (2015-2019)

Figures in USD
 20152016201720182019018-2019 evolution*
Accident
14 338 0009 490 09711 503 33310 937 68012 909 94417.66%
Marine and aviation
1 640 3541 714 0653 256 8821 304 7143 322 413153.85%
Fire
1 040 511-178 0362 328 502823 511779 318-5.66%
Total non-life
17 018 86511 026 12617 088 71713 065 90517 011 67529.79%
Life and health
6 377 5037 289 75034 362 35735 485 63944 798 33925.85%
Direct insurance
23 396 36818 315 87651 451 07448 551 54461 810 01426.91%
Reinsurance
31 098 09863 801 35662 446 10681 540 481100 575 96922.96%
Grand total
54 494 46682 117 232113 897 180130 092 025162 385 98324.43%

* Evolution in local currency

Al Ahleia Insurance Company: Management expenses per class of business (2015-2019)

 201520162017201820192018-2019 evolution*
Accident
8 141 2027 695 0278 232 6637 087 3296 267 827-11.84%
Marine and aviation
4 016 8843 344 5783 522 9033 790 4934 068 7737.01%
Fire
1 968 0662 487 5232 050 7502 360 8112 203 081-6.97%
Total non life
14 126 15213 527 12813 806 31613 238 63312 539 681-5.58%
Life and health
2 911 9754 890 3932 863 0572 975 9093 305 42010.73%
Direct insurance
17 038 12718 417 52116 669 37316 214 54215 845 101-2.58%
Reinsurance
24 124 77832 695 21133 701 90740 044 15243 570 3678.47%
Other operations (1)
- - -1 123 476-679 997-1 007 54047.71%
Total général
41 162 90551 112 73249 247 80455 578 69758 407 9284.76%

* Evolution in local currency
1 Intercompany transactions

Al Ahleia Insurance Company: Net loss ratio per class of business (2015-2019)

 20152016201720182019
Accident
62.00%48.38%62.28%66.39%77.79%
Marine and aviation
34.83%33.53%67.18%23.57%70.71%
Fire
40.41%-7.15%103.11%43.30%47.70%
Total non life
55.96%40.51%66.81%54.65%74.20%
Life and health
62.42%62.43%89.12%84.90%95.92%
Total direct insurance
57.59%47.09%80.22%73.89%88.76%
Reinsurance
53.32%64.58%64.89%65.54%67.93%
Grand total
55.07%59.64%71.02%68.43%74.59%

Al Ahleia Insurance Company: Net management expenses ratio per class of business (2015-2019)

 20152016201720182019
Accident
38.27%40.23%46.76%43.28%35.43%
Marine and aviation
79.87%64.23%70.45%69.03%84.76%
Fire
78.35%98.51%97.97%131.95%132.80%
Total non life
49.02%50.37%55.90%55.96%51.92%
Life and health
28.50%41.88%7.43%7.12%7.08%
Total direct insurance
43.65%47.80%26.35%24.77%22.36%
Reinsurance
99.05%39.15%32.42%30.22%26.34%
Grand total
64.94%41.88%29.45%28.08%24.72%

Al Ahleia Insurance Company: Net combined ratio per class of business (2015-2019)

 20152016201720182019
Accident
100.27%88.61%109.04%109.67%113.22%
Marine and aviation
114.70%97.76%137.63%92.60%155.47%
Fire
118.76%91.36%201.08%175.25%180.50%
Total non life
104.98%90.88%122.71%110.61%126.12%
Life and medical
90.92%104.31%96.55%92.02%103.00%
Total direct insurance
101.24%94.89%106.57%98.66%111.12%
Reinsurance
152.37%103.73%97.31%95.76%94.27%
Grand total
120.01%101.52%100.47%96.51%99.31%

Al Ahleia Insurance combined ratio
Exchange rate
KWD/USD as at 31/12
2015
2016
2017
2018
2019
3.28926
3.26307
3.30268
3.27956
3.28983
al ahleia insurance company

Al Ahleia Insurance Company : Contact

Head office
Ahmad Al-Jaber Street — Al Ahleia Insurance Tower, Al-Sharq, Koweït. P.O. Box 1602 Safat, 13017
Phone
+965 1888 444
E-mail
Website
Thu, 11/06/2020 - 10:47

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[6] https://www.atlas-mag.net/en/www.alahleia.com