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Abridged Information
Yemen
General Insurance Co.
|
Establishment
Issued/paid share
capital
Chairman
General Manager
Joint
General Manager
Deputy General Manager
Number of Staff
Website
Email
Branches
|
February 15th, 1977
Yr. 1 Billion.
Mr. Abdul Gabbar Thabet
Mr. Bakir Al-Munshi
Mr.
Kais Thabet
Mr. Saleh M. Bashanfer
67 personnel
WWW.YGINSURNCE.COM
YGI@YGINSURANCE.COM
Sana'a Head Office:
25 Algiers Street. P.O.
Box 2709
Hodeidah Branch:
Al-Mina Street. P.O Box
3952
Taiz
Branch:
Jamal Street. P.O Box
5844
|
Tel |
: 967-4-250637 and
250638 |
|
Fax |
: 967-4-250632 |
Aden
Branch:
Maala, Madram Street
Thabet Brothers Building
P.O Box 5189
|
Tel
|
: 967-2-246026 and
246029 |
|
Fax |
: 967-2-246028 |
Mukalla
Branch:
26th
Sept. Street - Bajaman area
|
Tel
|
: 967-5-317931 and 317932 |
|
Fax |
: 967-5-317933 |
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Company Auditors |
M/s. A. Raouf Al Ezzie
Correspondent to Talal Abu Ghazaleh
|
|
Company Bankers |
- Yemen Bank for
Reconstruction & Development
- Credit Agricole Indosuez
|
|
Activities |
Underwrite all classes
of insurance |
ISO 9001-2008 Yemen General Insurance
is an ISO Certified
Company By
SGS Co. we are certified by ISO 9001- 2000
in 2005 and ISO 9001-2008 in 2010.
Major Projects Insured in Yemen
Engineering
-
Al-Mokha power plant - Ansaldo Impianti
-
Telephone / television
transmission Systems - CIT Alcatel.
-
Hodeidah / Jizan Road - Samwhan Corpn.
-
Hodeidah Water and
Sewerage system - Samwhan Corpn.
-
Sana'a Water and
Sewerage system - Samwhan Corpn.
-
Hodeidah Airport
Buildings & Runways - Costain Int’l.
-
Taiz / Rahida Road -
Jean levelore
-
Yemen Kuwait Real Estate
- M.A.M. Alkhorafi
-
Faculty of medicine /
Sana’a University - M.A.M Alkhorafi
-
Hodeidah Thermal Power
Station - Ansaldo Impianti
-
Ship Unloader (Bulk) /
Saleef - BMH Marine AB.
-
Wadi Siham Diversion
Structure - Collavino
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Wadi Mawr Diversion
Structure - Jung Woo
-
Wadi Rimah Irrigation
Project - Khan Const.
-
Wadi Mawr Irrigation
Project - Khan Const.
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Red Sea Contracting and Construction.
Financial
Profile:
Yemen General Insurance Co.
Figs in Yr. ‘000
|
|
2010 |
2009 |
2008 |
|
Assets: |
|
|
|
|
Liquid & current
assets |
2,291,919 |
1,873,830 |
1,722,952 |
|
Net premium
receivables |
637,026 |
546,693 |
461,582 |
|
Long term non
liquid assets |
179,491 |
186,223 |
187,998 |
|
Total assets |
3,108,436 |
2,606,746 |
2,372,532 |
|
Liabilities: |
|
|
|
|
Technical
reserves: |
|
|
|
|
- Loss reserves |
309,562 |
383,611 |
397,480 |
|
- IBNR |
427,500 |
387,500 |
347,500 |
|
- Unearned
premium reserve |
222,889 |
257,247 |
247,923 |
|
Accounts payable |
255,603 |
183,952 |
183,623 |
|
Other short term
liabilities |
809,046 |
603,474 |
496,886 |
|
Total liabilities |
2,024,600 |
1,815,784 |
1,673,412 |
|
Shareholders equity: |
|
|
|
|
Capital |
1,000,000 |
500,000 |
500,000 |
|
Statutory reserve |
38,287 |
88,828 |
64,644 |
|
General reserve |
45,549 |
202,134 |
134,476 |
|
Total
Shareholders equity |
1,083,836 |
790,962 |
699,120 |
|
Total liabilities
& Shareholders equity |
3,108,436 |
2,606,746 |
2,372,532 |
| #Authorized Paid up capital increased to
YR 1 Billion as at 6/04/2010 self financed
from internal resources. |
Other Key Figures:
|
|
2010 |
2009 |
2008 |
|
Written premiums |
1,185,166 |
1,276,739 |
1,326,691 |
|
Reinsurance
premiums |
617,417 |
670,109 |
738,219 |
|
Net earned
premiums |
602,107 |
597,307 |
586,917 |
|
Net incurred
claims |
242,530 |
297,841 |
392,410 |
|
Underwriting
profit |
302,279 |
299,585 |
206,737 |
|
Investment income |
320,461 |
182,274 |
192,452 |
|
Pre-tax profits |
478,593 |
344,064 |
331,724 |
|
Net profits |
382,874 |
241,842 |
236,299 |
|
Dividend/share |
300 |
300 |
300 |
|
Source :
Audited final accounts & related information |
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Rating
: 2001 "BB-" , 2002 "BBB" (Muhanna & Co. Rating services, Beirut) |
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Bankers:
CREDIT AGRICOLE Bank. |
|
Auditors: A.
Raouf Al Ezzie, Correspondents to Talal Abu Ghazaleh |
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