Zoho Sign Document ID: 8TORCJS3OGIVHABT2BS9L20T_MQHSMS0UZLDO9W8R1S
discussion report and analysis of the board of directors for Al
Wathba National Insurance Company (PJSC)
___________________________________________________________
Date 8th Aug,2022
Name of the Listed Company Al Wathba National Insurance Company (PJSC)
The period of the financial
Q2, 2022 Financials
statements covered by the report
GWP: AED 150.22 M
Overview of the main results Net Underwriting Income: AED 8.13M
during the financial period Net Investment Income: AED 22.45 M
Net Profit: 30.58 M
Securities issued during the
NA
financial period
Summary of the most
We are making steady progress in IFRS 17 implementation in
important non-financial events
the company and expecting to complete the same by end of
and developments during the
third quarter of 2022.
financial period
During this period, we have achieved total premiums of
150.22 million and insurance profit of 8.13 million dirhams.
Summary of operational
performance during the
The company has also registered net Investment profit of
financial period
22.45 million.
Net profit for the period is AED 30.58 million dirhams
Summary of profit and loss
compared to net profit of AED 105.88 million dirhams for the
during the financial period
previous period.
Summary of financial position Total Deposits & Cash: AED 143.38M
as at the end of the financial Total Technical Reserve: AED 324.40M
period Total Share Holders Equity: AED 961.11M
Net Cash generated from operating Activities: AED (27.28) M
Summary of cash flows during
Net Cash Generated in Investing Activities: AED 94.79 M
the financial period
Net Cash Generated in Financing Activities: AED (60.35) M
GWP Growth: (17)%
Main performance indicators
Net Loss Ratio: 56.93%
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Net Expense Ratio: 34.71%
Combined Ratio: 91.64%
The average premiums for the motor insurance segment
continues to be under pressure in the market. The escalation
Expectations for the sector and in vehicle repairs cost and increase in average commissions
the company's role in these to intermediaries has further deteriorated the profitability of
expectations the segment. AWNIC was successful in diversifying its
portfolio adding more business in commercial lines to
mitigate the reduction in motor premiums.
The increase in oil prices coupled with investment friendly
Expectations regarding the regulatory changes in UAE is expected to act as a catalyst for
economy and its impact on the further growth in the sector. Inflation continued to pick up
company and the sector during the 2nd quarter of 2022 and is expected to have an
impact on the cost of operations.
AWNIC will continue to invest in digitization and automation
Future plans for growth and
to further its growth aspirations. The commercial lines
changes in operations in future
portfolio continues to grow with the introduction of new
periods
product lines.
The size and impact of current
and projected capital Net Capital expenses for the period was AED 692 K.
expenditures on the company
The developments of the
implementation of projects,
Inflationary pressures and reduction in margins were
plans and transactions and
discussed by the Board and management was assigned with
deals that were discussed by the
devising strategies to continue the growth path navigating
company's board of directors in
through the current market conditions.
the report for the previous fiscal
year
Bassam Chilmeran
Chief Executive Officer
08/08/2022
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Sentiment: positive