Performance Indicators of UAE Insurance 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 About SHMA Consulting
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.
Page | 1 Introduction
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.
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
MARKET SHARE
19%
17%
17%
17% 16%
20%
13%
12% 12%
15% 11% 7%
10% 6%
5%
4%
4% 4% 5%
0% OIC Orient Adnic Alain SALAMA
2018 2017 2016
NET PROFIT
401,032 401,032
360,263 360,263
313,847 313,847 235,644 235,644
500,000 227,280 205,004 205,004
400,000
104,485 104,485
78,895 78,895
66,831 66,831
62,255 62,255 50,136 50,136
300,000 48,485 10,119 10,119
200,000 477 477
100,000 AED '000 AED -
(100,000) OIC Orient Adnic Alain SALAMA (108,588) (200,000)
2018 2017 2016
TOTAL LIABILITY
5,343,863 5,343,863
5,298,843 5,298,843
5,151,508 5,151,508
5,148,525 5,148,525
4,723,007 4,723,007
4,721,624 4,721,624
4,393,945 4,393,945
4,289,847 4,289,847
4,140,079 4,140,079
4,068,630 4,068,630
3,707,254 3,707,254
3,219,843 3,219,843 2,623,171 2,623,171 6,000,000 2,450,241
5,000,000 1,181,686 4,000,000 3,000,000
2,000,000 AED '000 AED 1,000,000 - OIC Orient Adnic Alain SALAMA
2018 2017 2016
Page | 3 Top Five Companies at a Glance
RETENTION RATIO
72%
71% 69% 80%
70%
47%
46%
44% 42%
60% 40%
39%
34%
33%
33% 32% 50% 31% 40% 25% 30% 20% 10% 0% OIC Orient Adnic Alain SALAMA
2018 2017 2016
TOTAL EQUITY
2,792,665 2,792,665
2,556,753 2,556,753
2,526,880 2,526,880
2,101,739 2,101,739
2,060,827 2,060,827
1,975,599 1,975,599
1,957,093 1,957,093
1,765,481 1,765,481
1,671,110 1,671,110
1,175,247 1,175,247
1,170,692 1,170,692 1,165,115 1,165,115
3,000,000
807,041 807,041 787,191 787,191 2,500,000 766,859 2,000,000 1,500,000 1,000,000 AED '000 AED 500,000 - OIC Orient Adnic Alain SALAMA
2018 2017 2016
TOTAL ASSETS
7,404,690 7,404,690
7,255,936 7,255,936
7,250,264 7,250,264
7,082,512 7,082,512
6,822,618 6,822,618
6,697,223 6,697,223
6,666,959 6,666,959
6,625,383 6,625,383
6,488,488 6,488,488
5,564,637 5,564,637
4,882,501 4,882,501
4,007,034 4,007,034 3,390,030 3,390,030 8,000,000 3,257,282 7,000,000 2,346,801 6,000,000 5,000,000 4,000,000 3,000,000 AED '000 AED 2,000,000 1,000,000 - OIC Orient Adnic Alain SALAMA
2018 2017 2016
Page | 4 Top Five Companies at a Glance
RETURN ON EQUITY
14%
14%
12%
12% 12% 20% 11%
15% 8%
5%
5%
4% 4%
10% 4%
1% 0% 5% 0% -5% OIC Orient Adnic Alain SALAMA -10%
-15% - 14% -20%
2018 2017 2016
TECHNICAL RESERVES
4,153,247 4,153,247
4,077,160 4,077,160
4,030,351 4,030,351
3,958,090 3,958,090
3,956,799 3,956,799
3,882,419 3,882,419
3,679,682 3,679,682
3,281,626 3,281,626
3,267,059 3,267,059
3,141,120 3,141,120
3,113,502 3,113,502
2,179,240 2,179,240 1,924,175 1,924,175
4,500,000 1,688,195 4,000,000 3,500,000 3,000,000 891,864 2,500,000 2,000,000
AED AED '000 1,500,000 1,000,000 500,000 - OIC Orient Adnic Alain SALAMA
2018 2017 2016
Page | 5 Gross Written Premium All amounts in AED’000
GROSS WRITTEN PREMIUM
21,852,163 21,852,163 21,602,496 21,602,496
23,000,000 22,000,000 18,909,992 21,000,000 20,000,000
AED '000 AED 19,000,000 18,000,000 17,000,000 2018 2017 2016
GROSS WRITTEN PREMIUM - TOP 5 - INSURANCE
4,026,961 4,026,961
3,718,241 3,718,241
3,699,364 3,699,364
3,677,695 3,677,695
3,555,282 3,555,282
2,909,471 2,909,471
2,673,121 2,673,121 2,643,297 2,643,297
4,500,000 2,375,475
4,000,000 1,514,439 1,514,439
3,500,000 1,388,497
1,077,434 1,077,434
1,043,330 1,043,330 1,021,859 1,021,859
3,000,000 964,242 2,500,000 2,000,000
AED'000 1,500,000 1,000,000 500,000 -
2018 2017 2016
GROSS WRITTEN PREMIUM - TOP 5 - TAKAFUL
1062960 808669
1200000 779711
599068 583618
1000000 568167
414456
408785
383296
380831 375824
800000 373639
320505
317141 264717
600000 TITLE 400000 200000 0 2018 2017 2016
Page | 6 Gross Written Premium All 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 Profit All amounts in AED’000
NET PROFIT
1,338,739 1,316,965 1,316,965
1,600,000 961,503 1,400,000 1,200,000 1,000,000 800,000
AED'000 600,000 400,000 200,000 - 2018 2017 2016
NET PROFIT - TOP 5 - INSURANCE
401,032 401,032 360,263 360,263
500,000 313,847
235,644 227,280 227,280
400,000 205,004
114,095 114,095 109,560 109,560
300,000 104,485
87,178 87,178
78,895 78,895
62,255 62,255 50,136 50,136
200,000 48,485
AED;' 000 AED;' 10,119 10,119 100,000
- 2018 2017 2016
NET PROFIT - TOP 5 - TAKAFUL
68,345
66,831 66,831
59,070 59,070
48,404 48,404
18,812 18,812
15,406 15,406 15,010 15,010
100,000 14,044
9,329 9,329
9,083 9,083
940 940 804 804 50,000 477
-
(50,000) (20,082) AED'000
(100,000) (108,588) (150,000) 2018 2017 2016
Page | 8 Net Profit All 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
MARKET SHARE - TOP 5 - INSURANCE
18%
17%
17% 17%
20% 16%
18%
13% 12% 16% 12% 14% 11% 12%
10% 7%
6%
5% 5%
8% 5% 4% 6% 4% 2% 0% OIC Orient Adnic Alain EIC 2018 2017 2016
MARKET SHARE - TOP 5 - TAKAFUL
6% 5%
5%
4% 4%
4%
3%
3% 3%
3%
2%
2%
2%
2%
2%
2%
1% 1% 2% 1%
1%
0% SALAMA Takaful EM ADNTC AMAN Methaq 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
SHARE OF NET PROFIT - TOP 5 - INSURANCE
35% 30% 27%
30% 23%
25% 18%
17% 15% 20%
15%
9%
8%
8%
7%
6% 5%
10% 4% 4%
5% 1% 0% OIC Orient Adnic Alain EIC 2018 2017 2016
SHARE OF NET PROFIT - TOP 5 - TAKAFUL 5%
8% 5% 5%
6% 4%
1%
1% 1%
4% 1%
1%
1%
0% 0% 2% 0% 0% SALAMA Takaful EM ADNTC AMAN Methaq
-2% - 2% -4% -6%
-8% - -10% 8%
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 Income All amounts in AED’000
INVESTMENT INCOME - TOP 5 - INSURANCE
163,604 163,604 145,245 145,245
180,000 129,924 114,232 114,232
160,000 102,366 98,008 98,008
140,000 95,878
76,377 76,377 73,290 73,290
120,000 71,650
55,023 55,023 54,740 54,740
100,000 49,131
34,563 34,563 30,478 30,478 80,000 28,898
60,000 16,370 40,000 7,081 20,000 - OIC Orient Adnic Alain SALAMA EIC 2018 2017 2016
INVESTMENT INCOME - TOP 5 - TAKAFUL 98,008 98,008 120,000
100,000 71,650
80,000 47,035
30,478 30,478 27,202
60,000 25,840
24,567
15,157 15,157 12,713 12,713
40,000 11,961
1,969 1,969
1,778 1,778
1,454 1,454 681 681 20,000 162
- SALAMA Takaful EM ADNTC AMAN Methaq 2018 2017 2016
Page | 15 Investment Income All amounts in AED’000
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
Page | 16 Retention Ratio
RETENTION RATIO - TOP 5 - INSURANCE 52%
60%
47%
46%
46%
46%
44%
42% 40%
50% 39%
34%
33%
33% 32%
40% 31% 25% 30%
20%
10%
0% OIC Orient Adnic Alain EIC 2018 2017 2016
RETENTION RATIO - TOP 5 - TAKAFUL
90%
89% 84%
100% 79%
72% 71%
90% 69%
80%
55%
54% 52%
70% 51% 46%
60% 36%
50% 30%
40% 20% 30% 20% 10% 0% SALAMA Takaful EM ADNTC AMAN Methaq 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
COMMISSION EXPENSE RATIO - TOP 5 - INSURANCE 12%
14% 10% 12% 9%
10% 7%
8%
4%
2% 2%
6% 2% 1% 4% 1% 2%
0%
0% -
-2% OIC Orient Adnic1% Alain EIC
- 2%
-4% - 3%
-6% - -8% 6%
2018 2017 2016
COMMISSION EXPENSE RATIO - TOP 5 - TAKAFUL
45% 41%
50% 34% 40%
30% 14%
12% 12% 20% 10%
0%
-
- 3%
SALAMA Takaful EM ADNTC AMAN Methaq4%
-
-
- 7%
-10% 7%
8%
-
-
-
10% 11%
-20% 12% - -30% 24%
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
LOSS RATIO - TOP 5 - INSURANCE
74%
72% 72%
71%
71%
70%
68%
65% 64%
80% 63%
57% 56%
70% 53% 52% 60% 48% 50% 40% 30% 20% 10% 0% OIC Orient Adnic Alain EIC 2018 2017 2016
LOSS RATIO - TOP 5 - TAKAFUL
81%
81% 78%
90% 73%
69% 69%
80% 60%
70%
49% 48%
60% 47% 34%
50% 34%
29% 29% 40% 26% 30% 20% 10% 0% SALAMA Takaful EM ADNTC AMAN Methaq 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
TECHNICAL RESERVES
26,710,273 26,710,273 26,234,242 26,234,242
28,000,000 27,000,000 26,000,000
25,000,000 22,459,834 24,000,000
AED’ 000 AED’ 23,000,000 22,000,000 21,000,000 20,000,000
2018 2017 2016
Page | 23 Gross Technical Reserves All amounts in AED’000
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
Page | 24 External Borrowings All amounts in AED’000
EXTERNAL BORROWINGS - TOP 5 - INSURANCE 240,927 240,927 300,000
250,000
200,000
150,000 73,244
100,000
50,000
------OIC Orient Adnic Alain EIC Borrowings 2018 Borrowings 2017
EXTERNAL BORROWINGS - TOP 5 - TAKAFUL 58520
70000 53234 60000 50000
40000
19949 19842 30000
20000 3428 1714 10000 0 SALAMA Takaful EM ADNTC AMAN Methaq 2018 2017
Page | 25 External Borrowings All 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
RETURN ON EQUITY- TOP 5 - INSURANCE
14% 14%
16%
12%
12% 12%
14% 11% 10% 12% 10%
8% 5%
5%
4%
4%
4% 4% 6% 4%
4% 1% 2% 0% OIC Orient Adnic Alain EIC 2018 2017 2016
RETURN ON EQUITY- TOP 5 - TAKAFUL
19%
19% 18%
30% 18%
13%
12%
11%
11% 9%
20% 8%
1% 1% 10% 0% 0% SALAMA Takaful EM ADNTC AMAN Methaq
-10% - -20% 14%
-30% - 29% -40%
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
EARNINGS PER SHARE - TOP 5 - INSURANCE 78.68 78.68
90.00 70.99
80.00 60.50 70.00 60.00 50.00 40.00
30.00
4.15
3.34 3.34
3.23 3.23
0.76 0.76
0.73 0.73
0.58 0.58
0.42 0.40 0.40
20.00 0.36
0.23 0.23
0.17 0.17 0.02 0.02 10.00 - OIC Orient Adnic Alain EIC Series1 Series2 Series3
EARNINGS PER SHARE - TOP 5 - TAKAFUL 0.68
0.80 0.59
0.70 0.48 0.48 0.60 0.50
0.40
0.13 0.13
0.10 0.10 0.10 0.10
0.30 0.09
0.08 0.08
0.06 0.06
0.04 0.04
0.01 0.01 0.01 0.01 0.20 0.00 0.10 -
(0.10) SALAMA Takaful EM ADNTC AMAN Methaq (0.09)
(0.20) (0.14)
2018 2017 2016
Page | 29 Earnings per Share All 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
FINANCIAL POSITION
53,476,738 53,476,738
52,485,864 52,485,864
47,469,095 47,469,095 36,819,430 36,819,430
60,000,000 35,924,100 31,679,955 31,679,955
50,000,000
16,657,308 16,657,308 16,561,764 16,561,764 40,000,000 15,789,140
30,000,000
AED'000 20,000,000
10,000,000
- Total Assets Total Liabilities Total Equity 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 Data Sources and Assumptions
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.
Page | 35