performance indicators of uae insurance companies (2018) · exchange (adx). our analysis covers...
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Performance Indicators of UAEInsurance Companies
(2018)
Insurance | Risk Management | Retirement
Table of Content
About SHMA Consulting 1
Introduction 2
Top Five Companies at a Glance 3
Gross Written Premium 6
Net Profit 8
Market Share 10
Share of Net Profit 12
Market Share VS Share of Net Profit 14
Investment Income 15
Retention Ratio 17
Commission Expense Ratio 19
Loss Ratio 21
Gross Technical Reserve 23
External Borrowings 25
Return on Equity 27
Earnings per Share 29
Total Assets, Liabilities and Equity 31
Data Sources and Assumptions 35
SHMA Consulting is a corporate entity registered in Dubai Multi
Commodities Center (DMCC) United Arab Emirates operating since
December 2015. It has a fully owned subsidiary with the name of SIR
Consultants (Pvt.) Ltd located in Pakistan.
We proactively serve and empower organizations through our
actuarial and insurance advisory services. The industries we serve
include insurance companies, takaful operators and those
organizations providing end of service benefits (EOSB). Our expertise
includes actuarial valuation in accordance with IFRS and US GAAP,
statutory certification & reporting, product development & pricing,
enterprise risk management & capital modeling, reinsurance &
investment advisory and business planning & capital appraisal.
We provide our services globally in various countries including
Pakistan, United Arab Emirates, Saudi Arabia, Bahrain, Oman, Kuwait,
Qatar, Turkey and Sri Lanka. Our clients are our driving force and we
invest in them fully in order to identify, address and solve the
challenges faced by them.
Our team is comprised of 55 skilled actuarial professionals with an
outstanding repertoire including 4 Fellows, 10 Associates and 2 Fellow
Chartered Accountants.
About SHMA Consulting
Page | 1
There are 62 insurance companies operating in United Arab Emirates (UAE), out of which
30 companies are listed in Dubai financial market (DFM) and Abu Dhabi Securities
Exchange (ADX). Our analysis covers these 30 listed insurance companies only. This
report provides the financial indicators which reflect the development accomplished by
the insurance market in the UAE.
Introduction
S.no # Symbol Company Name
Conventional Insurance Companies
1 RAKNIC Ras al khaimah insurance company psc
2 SICO Sharjah insurance company psc
3 ORIENT Orient insurance company
4 DHAFRA Al dhafra insurance company
5 ASNIC Al sagr national insurance company
6 AWNIC Al wathba national insurance company
7 IH Insurance house
8 NGI National general insurance company
9 UNION Union insurance company
10 EIC Emirates insurance company
11 DIN Dubai insurance company
12 AFNIC Al fujairah national insurance company
13 ABNIC Al buharia national insurance company
14 OIC Oman insurance company
15 UIC United fidelity insurance company
16 AXAGCIC AXA green crescent insurance company
17 DNIR Dubai national insurance & reinsurance
18 ALAIN Al ain ahlia insurance company
19 ADNIC Abu dhabi national insurance company
20 ALLIANCE Alliance insurance
21 AKIC Al khazna insurance company
Takaful Insurance Companies
22 AMAN Dubai islamic insurance and reinsurance company
23 SALAMA islamic arab insurance company salama
24 OUTFL Orient UNB takaful
25 ASCANA Arabian scandinavian insurance
26 METHAQ Methaq takaful insurance
27 TAKAFUL-EM Takaful emarat
28 WATANIA Al watania takaful
29 TKFL Abu dhabi national takaful company
30 DARTAKAFUL Dar al takaful
Page | 2
Top Five Companies at a Glance
17%
17%
13%
7%
5%
17%
19%
12%
6%
4%
16%
12% 11%
4% 4%
0%
5%
10%
15%
20%
OIC Orient Adnic Alain SALAMA
MARKET SHARE
2018 2017 2016
10,1
19
401,0
32
235,6
44 4
8,4
85
477
104,4
85
360,2
63
227,2
80 50,1
36
66,8
31
78,8
95
313,8
47
205,0
04
62,2
55
(108,5
88)
(200,000)
(100,000)
-
100,000
200,000
300,000
400,000
500,000
OIC Orient Adnic Alain SALAMA
AED
'000
NET PROFIT
2018 2017 2016
5,1
51,5
08
4,2
89,8
47
5,1
48,5
25
3,7
07,2
54
3,2
19,8
43
5,3
43,8
63
4,1
40,0
79
4,7
21,6
24
4,3
93,9
45
2,4
50,2
41
5,2
98,8
43
4,0
68,6
30
4,7
23,0
07
1,1
81,6
86
2,6
23,1
71
-
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
OIC Orient Adnic Alain SALAMA
AED
'000
TOTAL LIABILITY
2018 2017 2016
Page | 3
Top Five Companies at a Glance
42% 3
4%
46%
25%
72%
40% 3
1%
47%
33%
69%
39% 32%
44%
33%
71%
0%
10%
20%
30%
40%
50%
60%
70%
80%
OIC Orient Adnic Alain SALAMA
RETENTION RATIO
2018 2017 2016
1,6
71,1
10
2,7
92,6
65
2,1
01,7
39
1,1
75,2
47
787,1
91
2,0
60,8
27
2,5
26,8
80
1,9
75,5
99
1,1
70,6
92
807,0
41
1,9
57,0
93
2,5
56,7
53
1,7
65,4
81
1,1
65,1
15
766,8
59
-
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
OIC Orient Adnic Alain SALAMA
AED
'000
TOTAL EQUITY
2018 2017 2016
6,8
22,6
18
7,0
82,5
12
7,2
50,2
64
4,8
82,5
01
4,0
07,0
34
7,4
04,6
90
6,6
66,9
59
6,6
97,2
23
5,5
64,6
37
3,2
57,2
82
7,2
55,9
36
6,6
25,3
83
6,4
88,4
88 2,3
46,8
01
3,3
90,0
30
- 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000
OIC Orient Adnic Alain SALAMA
AED
'000
TOTAL ASSETS
2018 2017 2016
Page | 4
Top Five Companies at a Glance
1%
14% 11%
4%
0%
5%
14% 12%
4%
8%
4%
12%
12%
5%
-14%-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
OIC Orient Adnic Alain SALAMA
RETURN ON EQUITY
2018 2017 2016
4,0
77,1
60
3,1
41,1
20
3,9
58,0
90
3,2
67,0
59
2,1
79,2
40
4,1
53,2
47
3,1
13,5
02
3,8
82,4
19
4,0
30,3
51 1,9
24,1
75
3,9
56,7
99
3,2
81,6
26
3,6
79,6
82
891,8
64
1,6
88,1
95
- 500,000
1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 4,500,000
OIC Orient Adnic Alain SALAMA
AED
'000
TECHNICAL RESERVES
2018 2017 2016
Page | 5
Gross Written PremiumAll amounts in AED’000
21,6
02,4
96
21,8
52,1
63 1
8,9
09,9
92
17,000,000
18,000,000
19,000,000
20,000,000
21,000,000
22,000,000
23,000,000
AED
'000
GROSS WRITTEN PREMIUM
2018 2017 2016
3,6
99,3
64
3,6
77,6
95
2,9
09,4
71
1,5
14,4
39
1,0
43,3
30
3,7
18,2
41
4,0
26,9
61
2,6
43,2
97
1,3
88,4
97
1,0
77,4
34
3,5
55,2
82
2,6
73,1
21
2,3
75,4
75 964,2
42
1,0
21,8
59
-
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
4,500,000
AED
'000
GROSS WRITTEN PREMIUM - TOP 5 - INSURANCE
2018 2017 2016
10
62
96
0
59
90
68
38
32
96
37
58
24
31
71
41
80
86
69
58
36
18
37
36
39
38
08
31
40
87
85
77
97
11
56
81
67 32
05
05
41
44
56
26
47
17
0
200000
400000
600000
800000
1000000
1200000
TITL
E
GROSS WRITTEN PREMIUM - TOP 5 - TAKAFUL
2018 2017 2016
Page | 6
Gross Written PremiumAll amounts in AED’000
Company 2018 2017 2016 Growth Rate
OIC 3,699,364 3,718,241 3,555,282 -1%
Orient 3,677,695 4,026,961 2,673,121 -9%
Adnic 2,909,471 2,643,297 2,375,475 10%
Alain 1,514,439 1,388,497 964,242 9%
SALAMA 1,062,960 808,669 779,711 31%
EIC 1,043,330 1,077,434 1,021,859 -3%
Union 951,907 1,049,218 877,105 -9%
Takaful EM 599,068 583,618 568,167 3%
NGI 551,413 571,653 550,018 -4%
DIC 531,883 476,394 400,172 12%
RAKNIC 509,859 471,737 415,924 8%
ABNIC 486,737 529,854 703,165 -8%
ADNTC 383,296 373,639 320,505 3%
AMAN 375,824 380,831 414,456 -1%
ASNIC 355,673 396,287 378,776 -10%
DNIR 351,018 323,461 260,123 9%
Methaq 317,141 408,785 264,717 -22%
Watania 300,315 271,228 200,167 11%
Alliance 291,387 289,989 301,692 0%
Dar Al Takaful 290,412 389,638 300,005 -25%
AWNIC 271,162 237,169 294,781 14%
AFNIC 266,642 243,173 207,908 10%
Insurance House 210,881 219,465 159,835 -4%
OUTFL 190,413 37,723 - 405%
ASCANA 168,498 233,736 165,406 -28%
United 146,246 85,475 72,260 71%
Sharjah insurance 52,956 56,426 66,139 -6%
Al Khazna 52,736 104,308 236,809 -49%
AXA Green 39,770 39,976 45,909 -1%
Al Dhafra 333,506 415,281 336,263 -20%
Total/Average 21,936,002 21,852,163 18,909,992 0%
Page | 7
Net ProfitAll amounts in AED’000
1,3
38
,73
9
1,3
16
,96
5
96
1,5
03
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
AED
' 00
0
NET PROFIT
2018 2017 2016
10
,11
9
40
1,0
32
23
5,6
44
48
,48
5
11
4,0
95
10
4,4
85
36
0,2
63
22
7,2
80
50
,13
6
10
9,5
60
78
,89
5
31
3,8
47
20
5,0
04
62
,25
5
87
,17
8
-
100,000
200,000
300,000
400,000
500,000
AED
;' 0
00
NET PROFIT - TOP 5 - INSURANCE
2018 2017 2016
47
7
14
,04
4
68
,34
5
94
0
15
,40
6
66
,83
1
18
,81
2
59
,07
0 9
,08
3
80
4
(10
8,5
88
)
15
,01
0
48
,40
4
(20
,08
2)
9,3
29
(150,000)
(100,000)
(50,000)
-
50,000
100,000
AED
' 00
0
NET PROFIT - TOP 5 - TAKAFUL
2018 2017 2016
Page | 8
Net ProfitAll amounts in AED’000
Company 2018 2017 2016 Growth Rate
OIC 10,119 104,485 78,895 -90%
Orient 401,032 360,263 313,847 11%
Adnic 235,644 227,280 205,004 4%
Alain 48,485 50,136 62,255 -3%
SALAMA 477 66,831 (108,588) -99%
EIC 114,095 109,560 87,178 4%
Union 6,197 10,217 (10,430) -39%
Takaful EM 14,044 18,812 15,010 -25%
NGI 31,366 36,983 28,437 -15%
DIC 50,507 37,516 36,612 35%
RAKNIC 20,512 27,097 23,396 -24%
ABNIC 35,498 52,235 42,727 -32%
ADNTC 68,345 59,070 48,404 16%
AMAN 940 9,083 (20,082) -90%
ASNIC 21,724 20,124 20,719 8%
DNIR 52,661 49,384 45,987 7%
Methaq 15,406 804 9,329 1816%
Watania 12,343 7,616 385 62%
Alliance 51,269 48,168 45,104 6%
Dar Al Takaful 6,716 10,133 5,022 -34%
AWNIC 42,658 72,221 54,377 -41%
AFNIC 31,457 28,116 17,370 12%
Insurance House 10,643 8,121 (19,044) 31%
OUTFL (9,223) (6,006) - 54%
ASCANA 20,835 5,475 29,847 281%
United (9,442) (11,326) 238 -17%
Sharjah insurance 16,371 22,442 19,311 -27%
Al Khazna (13,918) (140,521) (77,701) -90%
AXA Green (2,205) (18,904) (13,910) -88%
Al Dhafra 54,183 51,550 21,804 5%
Total/Average 1,338,739 1,316,965 961,503 2%
Page | 9
Market Share
5%
3%
2% 2% 1
%
4%
3%
2%
2%
2%
4%
3%
1%
2%
1%
0%
1%
2%
3%
4%
5%
6%
SALAMA Takaful EM ADNTC AMAN Methaq
MARKET SHARE - TOP 5 - TAKAFUL
2018 2017 2016
17
%
17
%
13
%
7%
5%
17
%
18
%
12
%
6% 5
%
16
%
12
% 11
%
4%
5%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
OIC Orient Adnic Alain EIC
MARKET SHARE - TOP 5 - INSURANCE
2018 2017 2016
Page | 10
Market Share
Company 2018 2017 2016
OIC 17% 17% 16%
Orient 17% 18% 12%
Adnic 13% 12% 11%
Alain 7% 6% 4%
SALAMA 5% 4% 4%
EIC 5% 5% 5%
Union 4% 5% 4%
Takaful EM 3% 3% 3%
NGI 3% 3% 3%
DIC 2% 2% 2%
RAKNIC 2% 2% 2%
ABNIC 2% 2% 3%
ADNTC 2% 2% 1%
AMAN 2% 2% 2%
ASNIC 2% 2% 2%
DNIR 2% 1% 1%
Methaq 1% 2% 1%
Watania 1% 1% 1%
Alliance 1% 1% 1%
Dar Al Takaful 1% 2% 1%
AWNIC 1% 1% 1%
AFNIC 1% 1% 1%
Insurance House 1% 1% 1%
OUTFL 1% 0% 0%
ASCANA 1% 1% 1%
United 1% 0% 0%
Sharjah insurance 0% 0% 0%
Al Khazna 0% 0% 1%
AXA Green 0% 0% 0%
Al Dhafra 2% 2% 2%
Page | 11
Share of Net Profit
1%
30
%
18
%
4%
9%8%
27
%
17
%
4%
8%6
%
23
%
15
%
5%
7%
0%
5%
10%
15%
20%
25%
30%
35%
OIC Orient Adnic Alain EIC
SHARE OF NET PROFIT - TOP 5 - INSURANCE
2018 2017 20160
%
1%
5%
0%
1%
5%
1%
5%
1% 0
%
-8%
1%
4%
-2%
1%
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
SALAMA Takaful EM ADNTC AMAN Methaq
SHARE OF NET PROFIT - TOP 5 - TAKAFUL
2018 2017 2016
Page | 12
Share of Net Profit
Company 2018 2017 2016
OIC 1% 8% 6%
Orient 30% 27% 23%
Adnic 18% 17% 15%
Alain 4% 4% 5%
SALAMA 0% 5% -8%
EIC 9% 8% 7%
Union 0% 1% -1%
Takaful EM 1% 1% 1%
NGI 2% 3% 2%
DIC 4% 3% 3%
RAKNIC 2% 2% 2%
ABNIC 3% 4% 3%
ADNTC 5% 4% 4%
AMAN 0% 1% -2%
ASNIC 2% 2% 2%
DNIR 4% 4% 3%
Methaq 1% 0% 1%
Watania 1% 1% 0%
Alliance 4% 4% 3%
Dar Al Takaful 1% 1% 0%
AWNIC 3% 5% 4%
AFNIC 2% 2% 1%
Insurance House 1% 1% -1%
OUTFL -1% 0% 0%
ASCANA 2% 0% 2%
United -1% -1% 0%
Sharjah insurance 1% 2% 1%
Al Khazna -1% -10% -6%
AXA Green 0% -1% -1%
Al Dhafra 4% 4% 2%
Page | 13
Market Share VS Share of Profit
Company Share of Profit Market Share Indicator
OIC 1% 17% ↓
Orient 30% 17% ↑
Adnic 18% 13% ↑
Alain 4% 7% ↓
SALAMA 0% 5% ↓
EIC 9% 5% ↑
Union 0% 4% ↓
Takaful EM 1% 3% ↓
NGI 2% 3% ↓
DIC 4% 2% ↑
RAKNIC 2% 2% →
ABNIC 3% 2% ↑
ADNTC 5% 2% ↑
AMAN 0% 2% ↓
ASNIC 2% 2% →
DNIR 4% 2% ↑
Methaq 1% 1% →
Watania 1% 1% →
Alliance 4% 1% ↑
Dar Al Takaful 1% 1% →
AWNIC 3% 1% ↑
AFNIC 2% 1% ↑
Insurance House 1% 1% →
OUTFL -1% 1% ↓
ASCANA 2% 1% ↑
United -1% 1% ↓
Sharjah insurance 1% 0% ↑
Al Khazna -1% 0% ↓
AXA Green 0% 0% →
Al Dhafra 4% 2% →
Page | 14
Investment IncomeAll amounts in AED’000
49
,13
1
16
3,6
04
95
,87
8
7,0
81
30
,47
8
34
,56
3
76
,37
7
14
5,2
45
11
4,2
32
16
,37
0
71
,65
0
55
,02
3
73
,29
0
12
9,9
24
10
2,3
66
28
,89
8
98
,00
8 5
4,7
40
-
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
OIC Orient Adnic Alain SALAMA EIC
INVESTMENT INCOME - TOP 5 - INSURANCE
2018 2017 2016
30
,47
8
47
,03
5 25
,84
0 1
,96
9
1,4
54
71
,65
0
24
,56
7
15
,15
7 1
62
68
1
98
,00
8
27
,20
2
12
,71
3
1,7
78
11
,96
1
-
20,000
40,000
60,000
80,000
100,000
120,000
SALAMA Takaful EM ADNTC AMAN Methaq
INVESTMENT INCOME - TOP 5 - TAKAFUL
2018 2017 2016
Page | 15
Investment Income
Company 2018 2017 2016
OIC 49,131 76,377 73,290
Orient 163,604 145,245 129,924
Adnic 95,878 114,232 102,366
Alain 7,081 16,370 28,898
SALAMA 30,478 71,650 98,008
EIC 34,563 55,023 54,740
Union (20,584) (11,414) (35,398)
Takaful EM 47,035 24,567 27,202
NGI 10,272 14,147 23,614
DIC 15,448 17,202 19,644
RAKNIC 9,963 4,467 24,187
ABNIC 38,402 49,733 45,998
ADNTC 25,840 15,157 12,713
AMAN 1,969 162 1,778
ASNIC (18,322) (16,794) 21,610
DNIR 30,172 29,709 30,226
Methaq 1,454 681 11,961
Watania 5,225 5,216 8,807
Alliance 62,099 60,770 62,526
Dar Al Takaful 1,925 5,637 5,132
AWNIC 24,893 70,726 99,599
AFNIC 2,132 4,173 11,676
Insurance House 4,363 5,346 11,734
OUTFL 6,502 3,678 -
ASCANA 14,061 17,825 47,043
United 9,987 4,155 7,073
Sharjah insurance 12,004 13,108 33,196
Al Khazna 8,655 (61,133) (4,720)
AXA Green 5,372 3,626 3,697
Al Dhafra 10,305 19,276 26,957
All amounts in AED’000
Page | 16
Retention Ratio
42
%
34
%
46
%
25
%
52
%
40
%
31
%
47
%
33
%
46
%
39
% 32
%
44
%
33
%
46
%
0%
10%
20%
30%
40%
50%
60%
OIC Orient Adnic Alain EIC
RETENTION RATIO - TOP 5 - INSURANCE
2018 2017 2016
72
%
54
%
55
%
20
%
51
%
69
%
52
%
89
%
30
%
90
%
71
%
79
%
46
% 36
%
84
%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
SALAMA Takaful EM ADNTC AMAN Methaq
RETENTION RATIO - TOP 5 - TAKAFUL
2018 2017 2016
Page | 17
Retention Ratio
Company 2018 2017 2016
OIC 42% 40% 39%
Orient 34% 31% 32%
Adnic 46% 47% 44%
Alain 25% 33% 33%
SALAMA 72% 69% 71%
EIC 52% 46% 46%
Union 46% 51% 57%
Takaful EM 54% 52% 79%
NGI 47% 48% 46%
DIC 39% 32% 29%
RAKNIC 59% 60% 79%
ABNIC 39% 50% 50%
ADNTC 55% 89% 46%
AMAN 20% 30% 36%
ASNIC 61% 60% 62%
DNIR 35% 36% 38%
Methaq 51% 90% 84%
Watania 62% 62% 65%
Alliance 51% 51% 45%
Dar Al Takaful 56% 54% 52%
AWNIC 66% 62% 49%
AFNIC 81% 80% 75%
Insurance House 72% 76% 76%
OUTFL 29% 23% 0%
ASCANA 76% 77% 71%
United 59% 50% 20%
Sharjah insurance 55% 43% 50%
Al Khazna 52% 68% 74%
AXA Green 76% 82% 60%
Al Dhafra 28% 30% 40%
Total/Average 51% 54% 52%
Page | 18
Commission Expense Ratio
7%
2%
0%
-2%
12
%
4%
1%
-1%
-3%
10
%
2% 2% 1
%
-6%
9%
-8%-6%-4%-2%0%2%4%6%8%
10%12%14%
OIC Orient Adnic Alain EIC
COMMISSION EXPENSE RATIO - TOP 5 - INSURANCE
2018 2017 2016
45
%
14
%
-7%
-24
%
-10
%
41
%
12
%
-8% -1
1%
-3%
34
%
12
%
-12
%
-7%
-4%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
SALAMA Takaful EM ADNTC AMAN Methaq
COMMISSION EXPENSE RATIO - TOP 5 - TAKAFUL
2018 2017 2016
Page | 19
Commission Expense Ratio
Company 2018 2017 2016
OIC 7% 4% 2%
Orient 2% 1% 2%
Adnic 0% -1% 1%
Alain -2% -3% -6%
SALAMA 45% 41% 34%
EIC 12% 10% 9%
Union 7% 5% 2%
Takaful EM 14% 12% 12%
NGI 3% 8% 7%
DIC -10% -1% -7%
RAKNIC 13% 11% 11%
ABNIC -15% -13% -12%
ADNTC -7% -8% -12%
AMAN -24% -11% -7%
ASNIC -14% -23% -14%
DNIR 15% 11% 2%
Methaq -10% -3% -4%
Watania 11% 10% 5%
Alliance 1% 1% -1%
Dar Al Takaful -3% -4% -8%
AWNIC 2% -5% -8%
AFNIC 5% 3% 3%
Insurance House 8% 6% 3%
OUTFL 16% 118% 0%
ASCANA -4% -5% -7%
United 18% 18% 3%
Sharjah insurance -10% -20% -10%
Al Khazna 7% 8% 6%
AXA Green 10% 10% 8%
Al Dhafra -25% -21% -18%
Page | 20
Loss Ratio
72
%
53
%
72
% 63
%
48
%
71
%
56
%
68
%
74
%
57
%
71
%
52
%
65
%
70
% 64
%
0%
10%
20%
30%
40%
50%
60%
70%
80%
OIC Orient Adnic Alain EIC
LOSS RATIO - TOP 5 - INSURANCE
2018 2017 2016
34
%
47
%
29
%
49
%
73
%
29
%
48
%
26
%
60
%
78
%
81
%
69
%
34
%
81
%
69
%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
SALAMA Takaful EM ADNTC AMAN Methaq
LOSS RATIO - TOP 5 - TAKAFUL
2018 2017 2016
Page | 21
Loss Ratio
Company 2018 2017 2016
OIC 72% 71% 71%
Orient 53% 56% 52%
Adnic 72% 68% 65%
Alain 63% 74% 70%
SALAMA 34% 29% 81%
EIC 48% 57% 64%
Union 50% 58% 59%
Takaful EM 47% 48% 69%
NGI 61% 60% 67%
DIC 49% 48% 52%
RAKNIC 67% 62% 72%
ABNIC 78% 85% 91%
ADNTC 29% 26% 34%
AMAN 49% 60% 81%
ASNIC 78% 88% 98%
DNIR 45% 51% 60%
Methaq 73% 78% 69%
Watania 60% 63% 64%
Alliance 66% 61% 73%
Dar Al Takaful 56% 56% 64%
AWNIC 52% 62% 94%
AFNIC 55% 60% 70%
Insurance House 57% 68% 92%
OUTFL 76% 171% 0%
ASCANA 72% 82% 89%
United 54% 55% 89%
Sharjah insurance 46% 53% 95%
Al Khazna 42% 114% 110%
AXA Green 64% 49% 76%
Al Dhafra 26% 70% 100%
Page | 22
Gross Technical Reserves
26
,23
4,2
42
26
,71
0,2
73
22
,45
9,8
34
20,000,000
21,000,000
22,000,000
23,000,000
24,000,000
25,000,000
26,000,000
27,000,000
28,000,000
AED
’ 00
0
TECHNICAL RESERVES
2018 2017 2016
Page | 23
Gross Technical Reserves
Company 2018 2017 2016
OIC 4,077,160 4,153,247 3,956,799
Orient 3,141,120 3,113,502 3,281,626
Adnic 3,958,090 3,882,419 3,679,682
Alain 3,267,059 4,030,351 891,864
SALAMA 2,179,240 1,924,175 1,688,195
EIC 1,274,521 1,178,955 1,007,745
Union 756,754 864,350 673,593
Takaful EM 492,249 349,509 337,540
NGI 507,418 521,088 575,910
DIC 550,919 518,643 475,956
RAKNIC 424,503 390,823 338,656
ABNIC 418,737 459,053 519,161
ADNTC 526,291 504,157 436,861
AMAN 725,877 739,398 713,797
ASNIC 295,276 380,131 403,557
DNIR 293,004 262,290 211,458
Methaq 378,757 405,444 243,621
Watania 231,793 232,049 174,649
Alliance 720,304 727,967 756,399
Dar Al Takaful 215,217 276,530 239,607
AWNIC 309,975 307,565 329,133
AFNIC 226,589 213,713 227,924
Insurance House 152,289 159,676 106,974
OUTFL 196,521 35,300 -
ASCANA 134,166 172,749 147,048
United 162,904 132,638 131,748
Sharjah insurance 93,646 98,687 118,357
Al Khazna 90,224 176,126 271,686
AXA Green 39,620 32,166 37,000
Al Dhafra 394,019 467,572 483,288
Total 26,234,242 26,710,273 22,459,834
All amounts in AED’000
Page | 24
External Borrowings
73
,24
4
- - - -
24
0,9
27
- - - -
-
50,000
100,000
150,000
200,000
250,000
300,000
OIC Orient Adnic Alain EIC
EXTERNAL BORROWINGS - TOP 5 - INSURANCE
Borrowings 2018 Borrowings 2017
53
23
4
19
84
2
17
14
58
52
0
19
94
9
34
28
0
10000
20000
30000
40000
50000
60000
70000
SALAMA Takaful EM ADNTC AMAN Methaq
EXTERNAL BORROWINGS - TOP 5 - TAKAFUL
2018 2017
All amounts in AED’000
Page | 25
External BorrowingsAll amounts in AED’000
Company Total Assets 2018 Borrowings 2018 Debt/Totals Assets
OIC 6,822,618 73,244 1%
Orient 7,082,512 - 0%
Adnic 7,250,264 - 0%
Alain 4,882,501 - 0%
SALAMA 4,007,034 - 0%
EIC 2,638,979 - 0%
Union 1,642,391 - 0%
Takaful EM 1,038,417 53,234 5%
NGI 1,212,660 - 0%
DIC 1,327,061 10,845 1%
RAKNIC 854,789 34,047 4%
ABNIC 1,733,882 361,991 21%
ADNTC 1,015,216 - 0%
AMAN 1,362,890 19,842 1%
ASNIC 971,011 108,069 11%
DNIR 984,094 - 0%
Methaq 623,662 1,714 0%
Watania 400,312 - 0%
Alliance 1,331,312 - 0%
Dar Al Takaful 464,606 - 0%
AWNIC 1,565,160 313,875 20%
AFNIC 538,576 - 0%
Insurance House 304,468 - 0%
OUTFL 479,682 - 0%
ASCANA 576,023 - 0%
United 315,461 - 0%
Sharjah insurance 332,452 5,475 2%
Al Khazna 548,268 187,167 34%
AXA Green 169,754 - 0%
Al Dhafra - - 0%
Page | 26
Return on Equity
1%
14
%
11
%
4%
10
%
5%
14
%
12
%
4%
4%4%
12
% 12
%
5%
4%
0%
2%
4%
6%
8%
10%
12%
14%
16%
OIC Orient Adnic Alain EIC
RETURN ON EQUITY- TOP 5 - INSURANCE
2018 2017 2016
0%
9%
19
%
1%
18
%
8%
13
%
19
%
11
%
1%
-14
%
11
%
18
%
-29
%
12
%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
SALAMA Takaful EM ADNTC AMAN Methaq
RETURN ON EQUITY- TOP 5 - TAKAFUL
2018 2017 2016
Page | 27
Return on Equity
Company 2018 2017 2016
OIC 1% 5% 4%
Orient 14% 14% 12%
Adnic 11% 12% 12%
Alain 4% 4% 5%
SALAMA 0% 8% -14%
EIC 10% 4% 4%
Union 2% 3% -3%
Takaful EM 9% 13% 11%
NGI 7% 8% 6%
DIC 10% 8% 8%
RAKNIC 10% 12% 10%
ABNIC 6% 8% 7%
ADNTC 19% 19% 18%
AMAN 1% 11% -29%
ASNIC 5% 4% 5%
DNIR 10% 10% 10%
Methaq 18% 1% 12%
Watania 13% 9% 0%
Alliance 10% 10% 10%
Dar Al Takaful 5% 9% 9%
AWNIC 5% 8% 7%
AFNIC 13% 12% 8%
Insurance House 11% 9% -23%
OUTFL -5% -3% 0%
ASCANA 7% 2% 9%
United -13% -13% -29%
Sharjah insurance 8% 10% 9%
Al Khazna -13% -122% -30%
AXA Green -2% -15% -10%
Al Dhafra 15% 15% 7%
Page | 28
Earnings per Share All amounts in AED
0.0
2
78
.68
0.4
2
3.2
3
0.7
6
0.2
3
70
.99
0.4
0
3.3
4
0.7
3
0.1
7
60
.50
0.3
6
4.1
5
0.5
8
-
10.00
20.00
30.00
40.00
50.00
60.00
70.00
80.00
90.00
OIC Orient Adnic Alain EIC
EARNINGS PER SHARE - TOP 5 - INSURANCE
Series1 Series2 Series3
0.0
0
0.0
9
0.6
8
0.0
1
0.1
0
0.0
8
0.1
3
0.5
9
0.0
4
0.0
1
(0.1
4)
0.1
0
0.4
8
(0.0
9)
0.0
6
(0.20)
(0.10)
-
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
SALAMA Takaful EM ADNTC AMAN Methaq
EARNINGS PER SHARE - TOP 5 - TAKAFUL
2018 2017 2016
Page | 29
Earnings per ShareAll amounts in AED
Company 2018 2017 2016
OIC 0.02 0.23 0.17
Orient 78.68 70.99 60.50
Adnic 0.42 0.40 0.36
Alain 3.23 3.34 4.15
SALAMA 0.00 0.08 (0.14)
EIC 0.76 0.73 0.58
Union 0.02 0.03 (0.03)
Takaful EM 0.09 0.13 0.10
NGI 0.21 0.25 0.19
DIC 0.47 0.37 0.35
RAKNIC 0.19 0.25 0.21
ABNIC 0.14 0.21 0.17
ADNTC 0.68 0.59 0.48
AMAN 0.01 0.04 (0.09)
ASNIC 0.09 0.09 0.09
DNIR 0.46 0.43 0.40
Methaq 0.10 0.01 0.06
Watania 0.08 0.05 0.00
Alliance 51.27 48.17 45.10
Dar Al Takaful 0.05 0.08 0.05
AWNIC 0.21 0.35 0.26
AFNIC 31.46 28.12 17.37
Insurance House 0.09 0.07 (0.16)
OUTFL (4.61) (3.00) -
ASCANA 0.14 0.04 0.19
United (0.09) (0.11) 0.00
Sharjah insurance 0.12 0.16 0.14
Al Khazna (0.03) (0.34) (0.19)
AXA Green (0.01) (0.10) (0.07)
Al Dhafra 0.54 0.52 0.22
Page | 30
Total Assets, Liabilities & Equity All amounts in AED
53
,47
6,7
38
36
,81
9,4
30
16
,65
7,3
08
52
,48
5,8
64
35
,92
4,1
00
16
,56
1,7
64
47
,46
9,0
95
31
,67
9,9
55
15
,78
9,1
40
-
10,000,000
20,000,000
30,000,000
40,000,000
50,000,000
60,000,000
Total Assets Total Liabilities Total Equity
AED
' 00
0
FINANCIAL POSITION
2018 2017 2016
Page | 31
Total Assets All amounts in AED
Company 2018 2017 2016
OIC 6,822,618 7,404,690 7,255,936
Orient 7,082,512 6,666,959 6,625,383
Adnic 7,250,264 6,697,223 6,488,488
Alain 4,882,501 5,564,637 2,346,801
SALAMA 4,007,034 3,257,282 3,390,030
EIC 2,638,979 2,450,656 2,235,431
Union 1,642,391 1,782,268 1,472,170
Takaful EM 1,038,417 840,832 731,841
NGI 1,212,660 1,218,749 1,254,842
DIC 1,327,061 1,186,440 1,155,304
RAKNIC 854,789 844,211 709,415
ABNIC 1,733,882 1,756,854 1,787,206
ADNTC 1,015,216 939,883 811,757
AMAN 1,362,890 1,367,092 1,336,631
ASNIC 971,011 1,109,805 1,164,212
DNIR 984,094 883,912 778,978
Methaq 623,662 573,762 411,113
Watania 400,312 406,180 322,941
Alliance 1,331,312 1,325,570 1,334,176
Dar Al Takaful 464,606 555,664 434,585
AWNIC 1,565,160 1,437,764 1,453,931
AFNIC 538,576 507,284 504,007
Insurance House 304,468 298,164 219,730
OUTFL 479,682 264,773 -
ASCANA 576,023 597,369 534,428
United 315,461 286,635 231,189
Sharjah insurance 332,452 378,080 372,543
Al Khazna 548,268 636,412 871,008
AXA Green 169,754 181,626 221,112
Al Dhafra 1,000,683 1,065,088 1,013,907
Total 53,476,738 52,485,864 47,469,095
Page | 32
Total Liabilities All amounts in AED
Company 2018 2017 2016
OIC 5,151,508 5,343,863 5,298,843
Orient 4,289,847 4,140,079 4,068,630
Adnic 5,148,525 4,721,624 4,723,007
Alain 3,707,254 4,393,945 1,181,686
SALAMA 3,219,843 2,450,241 2,623,171
EIC 1,516,449 1,371,919 1,182,707
Union 1,342,139 1,472,922 1,173,690
Takaful EM 873,387 692,024 589,878
NGI 748,428 753,827 806,974
DIC 841,015 716,396 670,697
RAKNIC 659,157 625,062 474,565
ABNIC 1,098,578 1,093,172 1,152,952
ADNTC 654,625 625,928 540,835
AMAN 1,300,004 1,283,516 1,266,667
ASNIC 518,260 654,683 716,389
DNIR 443,049 384,440 310,929
Methaq 539,926 498,344 331,183
Watania 303,950 321,103 243,766
Alliance 833,957 843,939 874,929
Dar Al Takaful 341,765 439,572 378,808
AWNIC 713,937 586,992 632,750
AFNIC 292,889 273,554 289,448
Insurance House 205,369 206,669 137,302
OUTFL 293,712 69,581 -
ASCANA 265,146 302,707 218,694
United 245,062 199,229 232,007
Sharjah insurance 137,685 156,878 168,838
Al Khazna 443,033 520,930 610,156
AXA Green 51,693 57,755 77,508
Al Dhafra 639,238 723,206 702,946
Total 36,819,430 35,924,100 31,679,955
Page | 33
Total Equity All amounts in AED
Company 2018 2017 2016
OIC 1,671,110 2,060,827 1,957,093
Orient 2,792,665 2,526,880 2,556,753
Adnic 2,101,739 1,975,599 1,765,481
Alain 1,175,247 1,170,692 1,165,115
SALAMA 787,191 807,041 766,859
EIC 1,122,530 1,078,737 1,052,724
Union 300,252 309,346 298,480
Takaful EM 165,030 148,808 141,963
NGI 464,232 464,922 447,868
DIC 486,046 470,044 484,607
RAKNIC 195,632 219,149 234,850
ABNIC 635,304 663,682 634,254
ADNTC 360,591 313,955 270,922
AMAN 62,886 83,576 69,964
ASNIC 452,751 455,122 447,823
DNIR 541,045 499,472 468,049
Methaq 83,736 75,418 79,930
Watania 96,362 85,077 79,175
Alliance 497,355 481,631 459,247
Dar Al Takaful 122,841 116,092 55,777
AWNIC 851,223 850,772 821,181
AFNIC 245,687 233,730 214,559
Insurance House 99,099 91,495 82,428
OUTFL 185,970 195,192 -
ASCANA 310,877 294,662 315,734
United 70,399 87,406 (818)
Sharjah insurance 194,767 221,202 203,705
Al Khazna 105,235 115,482 260,852
AXA Green 118,061 123,871 143,604
Al Dhafra 361,445 341,882 310,961
Total 16,657,308 16,561,764 15,789,140
Page | 34
The data we have retrieved is from published financial statements for
the year ended December 2018, During the dissection of financial
statements, our focus was on key performance indicators (KPIs) of
insurance sector. Due to limitation of data we have made few
assumptions and in certain cases we have combined items together
for comparison.
During data extraction we have tried our best to ensure data
accuracy for evaluation. Considering human errors if you come across
any error or have any query regarding our analysis do write to us, we
are looking forward for your feedback.
Data Sources and Assumptions
Page | 35
