 | 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 office | Bldg.Najda St. P.O Box:45154,Abu Dhabi, United Arab Emirates |
| Phone | +971 2 4185300 / 600 54 40 40 |
| E-mail | alwathba [at] awnic [dot] com / CustomerCare [at] awnic [dot] com |
| Website | https://awnic.com/ |
Al Wathba National Insurance: rating
| Agency | Rating | Outlook |
| Standard and Poor’s | BBB- | Stable |
Al Wathba National Insurance: management
| Chairman of the board of directors | Saif Bin Mohammed Bin Butti Al Hamed |
| CEO | Bassam Adib Chilmeran |
Al Wathba National Insurance: share capital, shareholder’s equity and shareholding
Figures in USD| | 2021 | 2020 | ▲ |
| Share capital | 56 350 000 | 56 350 000 | - |
| Shareholder’s equity | 265 013 000 | 196 847 000 | 34.63% |
| Main shareholders | % | | % |
| Saif Darwish Ahmed Saif Al Ketbi | 19.1552 | Al Dhabi Investment PJSC | 7.4566 |
| Rashed Darwish Ahmed Saif Al Kettbi | 9.4632 | Mohammad Bin Ahmad Bin Saeed Alqassimi | 5.7498 |
| Ali Rasheed Nasser Al Omaira | 7.476 | APK Investments LLC | 5.2548 |
Al Wathba National Insurance: turnover and result
Figures in USD
| | 2021 | 2020 | ▲ |
| Turnover | 86 151 000 | 83 465 000 | 3.22% |
| Net result | 44 690 000 | 4 144 000 | 978.43% |
Al Wathba National Insurance: turnover breakdown per class of business
Figures in USD| | 2021 | 2020 | ▲ | 2021% |
| Motor | 58 490 000 | 60 490 000 | -3.31% | 67.89% |
| Fire and general accident | 24 900 000 | 20 544 000 | 21.2% | 28.9% |
| Marine and aviation | 2 274 000 | 1 782 000 | 27.61% | 2.64% |
| Health | 487 000 | 649 000 | -24.96% | 0.57% |
| Total | 296 196 321 | 317 686 729 | -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 %| | 2021 | 2020 | ▲ |
Net loss ratio
| 53.95 | 46.57 | 15.85 |
| Management expenses ratio | 48.35 | 39.23 | 23.25 |
Net combined ratio
| 102.3 | 85.8 | 19.23 |
| Shareholder's equity / Technical reserves | 112.49 | 85.73 | 27.03 |
| Shareholder's equity / Gross written premiums | 307.62 | 235.85 | 30.43 |
| Net result / Gross written premiums | 51.87 | 4.96 | 945.77 |
| Net result / Shareholder's equity (ROE) | 16.86 | 2.11 | 699.05 |
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
