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Performance Indicators of UAE Insurance Companies (2018)

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Performance Indicators of UAE Insurance Companies (2018) 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 401,032 360,263 313,847 235,644 500,000 227,280 205,004 400,000 104,485 78,895 66,831 62,255 50,136 300,000 48,485 10,119 200,000 477 100,000 AED '000 AED - (100,000) OIC Orient Adnic Alain SALAMA (108,588) (200,000) 2018 2017 2016 TOTAL LIABILITY 5,343,863 5,298,843 5,151,508 5,148,525 4,723,007 4,721,624 4,393,945 4,289,847 4,140,079 4,068,630 3,707,254 3,219,843 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 2,556,753 2,526,880 2,101,739 2,060,827 1,975,599 1,957,093 1,765,481 1,671,110 1,175,247 1,170,692 1,165,115 3,000,000 807,041 787,191 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 7,255,936 7,250,264 7,082,512 6,822,618 6,697,223 6,666,959 6,625,383 6,488,488 5,564,637 4,882,501 4,007,034 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 4,077,160 4,030,351 3,958,090 3,956,799 3,882,419 3,679,682 3,281,626 3,267,059 3,141,120 3,113,502 2,179,240 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 '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 21,602,496 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 3,718,241 3,699,364 3,677,695 3,555,282 2,909,471 2,673,121 2,643,297 4,500,000 2,375,475 4,000,000 1,514,439 3,500,000 1,388,497 1,077,434 1,043,330 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 1,338,739 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 401,032 360,263 500,000 313,847 235,644 235,644 227,280 400,000 205,004 114,095 109,560 300,000 104,485 87,178 78,895 62,255 50,136 200,000 48,485 AED;' 000 AED;' 10,119 100,000 - 2018 2017 2016 NET PROFIT - TOP 5 - TAKAFUL 68,345 68,345 66,831 59,070 48,404 18,812 15,406 15,010 100,000 14,044 9,329 9,083 940 804 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
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